Second, auction permits (which are, in effect, money) rather than giving them away free.

ECONOMIST: Climate change

The backloading proposal put forth by the Commission called for delaying the auction of 900 million permits by five to seven years.

WSJ: Vote Leaves EU Emissions Trading in Tatters

To pay for his plans and get the deficit down to manageable levels, he would return top tax rates to where they were before George Bush cut them, extract more from the rich by capping their deductions, increase taxes on corporations and auction carbon-emission permits.

ECONOMIST: Barack Obama's budget

Also like Mr Obama, he proposes a cap-and-trade system for greenhouse gases, but he would give away the permits, not auction them.

ECONOMIST: Introduction: The battle of hope and experience | The

The price of carbon recovered slightly on Monday after demand for an auction of 3.5 million permits was stronger than expected.

BBC: Chimneys at coal-fired power station