The Kyoto protocol is the first scheme that includes global trading in greenhouse gases, but the idea of trading pollutants was first tried in the 1970s when the US decided to trade sulphur dioxide and nitrous oxide to tackle acid rain.
Neither is the idea of trading allowances for ecological protection new.
The European Union, under its Common Agricultural Policy, has for some time had schemes for trading national or local quotas, in dairy production or fishery catches
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