Oh dear. Yet another instance of the Bustard’s First Law of carbon pricing alive and kicking.
Reuters reports that “California is considering handing out more allowances to energy intensive industry for free under the state’s emissions trading scheme to ease the costs that steel, cement and energy companies face in trying to cut emissions of heat-trapping gases, officials said Monday.”
If only they had read this from March 2011: http://www.thebustard.com/?p=353
This is why carbon pricing will never be enough. We have to change people’s beliefs as well.