This surprised me - McCain's cap-and-trade plan is pretty bad!
McCain has described his own vision of a cap-and-trade system, but with a different target; the McCain plan calls for reductions of emissions by 60% below 1990 levels by 2050. McCain would initially give away emissions permits instead of auctioning them. McCain would also allow emissions allowances to be 'banked' or 'borrowed' for different time periods, as well as establish a national 'strategic carbon reserve' that could release permits during difficult economic times. He would also allow unlimited offsets, from both domestic and international sources, to ease into a newly set up cap-and-trade system.
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