Cap-and-Trade 101: How California’s Carbon Market Works

This week, California rolls out the heavy artillery in its attack on climate change with a program called “cap-and-trade.” It’s like a stock exchange for carbon emissions, where the state’s biggest polluters have to buy the right to emit greenhouse gases. It’s the most ambitious climate change policy in the country, but not everyone is happy with it.

So how does it all work? I teamed up with Lauren Sommer to explain it.