The current “pledge and review” policy of carbon emission mitigation is inefficient. Establishing a carbon cap and trade market with a steadily increasing rate encourages countries to reduce and monitor their greenhouse gas emissions more effectively. A multilateral organization would either auction or allocate carbon permits which could be sold if they are not used/bought if nations go over the established cap. Punishments for defaulting would be issued by the WTO and non-participating countries should be issued boarder taxes by the WTO.
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