This commentary discusses the opinion piece published on 1 June 2014 by Professor Robert Stavins in The New York Times. Professor Robert Stavins argues that "The Only Feasible Way of Cutting Emissions" is to set up a market for tradable permits. We review and criticize his mains arguments. Our purpose here is not to deny the possibility of carbon trading, but to call for a realistic assessment of the deployment of cap-and-trade systems and their limitations.
Keywords: Cap-and-trade, Command and control, Lead in gasoline, SO2 emissions, California AB32, Climate Change
Jel Code: H23, Q54, Q58