Trading schemes for emission allowances have become a panacea for nations aspiring toreduce their aggregate emissions of greenhouse gases from industry in a cost-effectivemanner. The contention of this paper is that an emissions trading scheme (ETS) shouldnot be based on blanket coverage of...

Trading schemes for emission allowances have become a panacea for nations aspiring to reduce their aggregate emissions of greenhouse gases from industry in a cost-effective manner. The contention of this paper is that an emissions trading scheme (ETS) should not be based on blanket coverage of...