By Timothy Damon ’12 America has a long and proud history of firsts – the first airplane, the first man on the moon, and so forth. This heritage makes it all the more surprising that the United States would give up its leadership in innovation when it comes to the world’s greatest problem: climate change. One of the largest examples is allowing Europe to establish the first-ever market mechanism for reducing greenhouse gas (GHG) emissions. In 2005, the European Union (EU) implemented the Emissions Trading System (ETS), a cap-and-trade system aimed at reducing its GHG emissions. The principle of cap-and-trade (C&T) is relatively simple, and the idea actually came from a previous program the US EPA used to fight acid rain pollution. Basically the government sets an annual limit on GHG emissions … Read entire article »