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The President of the United States, Barack Obama, has laid a plan on the table to introduce a cap and trade approach to emissions regulation to the US. Europe already has such a scheme in place. Looking at European cap and trade gives us a glimpse of what such a plan may mean in the US. One of the drawbacks to their system has been the decline in the value of pollution permits in the face of the global recession. There is simply less production and less demand for the permits, or the expensive alternative energy offsets. Still some think that cap and trade may be the face of things to come in the global response to the threat of global climate change.