Illustration by KAL - The Economist
This quote by an author at The Economist speaks for itself:
"Under a mammoth carbon-emissions bill now working its way through Congress, 85% of valuable permits to emit carbon dioxide (which might all have been auctioned) will be given away free. This creates a huge new pot of favors for government to hand out, and new incentives for businesses to lobby. It will be costlier to fight climate change, while harder to avoid political favor-trading." Safe to assume that many companies will decide its cheaper to hire a bunch of lobbyists to get some of those free permits rather than to make cuts in emissions ...read more from a hugger
Please read full at The Economist