Yes, of course the quotas are set too high, and of course they should be reduced ... and that is a higher priority than eliminating the moral hazard itself, since the lower the quotas, the less the reward to the most egregious emitters ... but for people looking to learn lessons from Europe's system, avoiding the moral hazard in the first place is worth fighting very hard for.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.