Can Cap-and-Trade Survive a Papal Denunciation?

In his lengthy encyclical on climate change, Pope Francis denounced the cap-and-trade system that allows companies to go on polluting as long as they pay for it. Was he talking about California? Cap-and-trade is the very heart of AB 32, the state's pioneering law for reducing greenhouse gases. Defenders say regulations make it effective and that it's the best we can hope for. Critics agree with the Pope. We hear both sides.

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Photo: Ryan Lim