Be wary of complex carbon caps

The global-warming fight can’t wait to work out the kinks in a cap-and-trade scheme.

Congress may move soon to tackle global warming. The boldest action in play would set limits on carbon emissions while allowing cleaner companies to sell “permits” to the worse polluters. But lawmakers should be wary: Europe’s record with “cap and trade” is wobbly, at best.
One leading bill, sponsored by Sens. Joseph Lieberman (I) and John Warner (R), sets a cap-and-trade provision for the industries