ABSTRACT
Fifty years ago, the idea that markets would one day be used to protect the environment was little more than science fiction. Thirty years ago, a prediction that markets would one day help control acid rain would have been seen as fanciful. And five years ago, the thought that a European market in GHGs would one day be worth US$8.2 billion would have been considered ridiculous. And yet, all of this has come to pass. Yesterday’s fiction is today’s reality.
