Did California’s Carbon Cap-and-Trade Program Increase Toxic Waste?

Jeffrey Miron

Apparently, yes:

In California, recent evidence shows that facilities subject to cap-and-trade have reduced their greenhouse gas emissions by 3–9 percent. Our findings, however, reveal that toxic emissions from facilities subject to cap-and-trade policies were about 26–42 percent higher on average in the five years after the introduction of the program than they would have bee