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I don't know the detail of the Green's proposals, but if it were based on a per capita quota system [contraction and convergence?] then I would have thought it would lead to a transfer of financial resources from poor countries [who wouldn't be using their quota] to rich countries [who use far too much]. Perhaps this would be the equitable system the Greens were thinking of?

As to emissions trading in general there are many problems with it, particularly in what 'activities' can be counted to offset emissions [eg Tree planting]. Some research a few years ago at the Hadley Centre found that the albedo change from planting trees actually helped to counteract the CO2 that they absorbed which means that the world would warm more if trees were used to offset CO2 emissions than if the CO2 were simply not emitted.

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