Money Out of Thin Air

Posted On Nov 3, 2021 By Addison Wiggin

One of the reasons for the pollution-spewing get-together in Glasgow is to figure out how to implement promises that leaders made at COP21. That event in 2015 saw the creation of the Paris Climate Agreement, which was ratified on Earth Day in April 2016. One of the major sticking points of the Accords has been Article 6, which mandates the creation of a global market for carbon credits — a key part of a system also known as cap and trade. The system is far too lenient to actually reduce emissions, but it’s often sold as a “free market” solution to climate change.

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