Cap-and-trade is all but meaningless in practice, writes Jeffrey Ball, of Stanford’s Steyer-Taylor Center for Energy Policy and FinanceMore

It seems a sensible solution: To slash emissions of the greenhouse gases dangerously warming the planet, force polluters to pay for what they cough out. Slapping a price on carbon, the argument goes, should prod companies and consumers to go green, from electric cars to renewable energy to diets lower in meat.

But mounting evidence suggests that

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