environmental ethics, definition of

This is an economic incentive-based alternative to command-and-control regulation. In an emissions trading program, sources of a particular pollutant (most often an air pollutant) are given permits to release a specified number of tons of the pollutant. The government issues only a limited number of permits consistent with the desired level of emissions. The owners of the permits may keep them and release the pollutants, or reduce their emissions and sell the permits. The fact that the permits have value as an item to be sold or traded gives the owner an incentive to reduce their emissions.

• Can Pope Francis halt climate change with new papal document?
  Pope Francis is causing quite a stir with news that he will soon publish a historic document that details the Catholic imperative to curb global warming. While some pundits believe the encyclical, which will be published in early summer, has more power