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Argument: Emissions trading doesn't ensure reductions in local emissions
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Kevin E. McCarthy. "Pros and cons of air emissions credit tradings". 9 Oct. 2000: The principal argument against trading programs is that they do not guarantee that improvements to air quality occur in the [local] areas that are most affected by air pollution. Some of the existing trading programs, such as the federal acid rain program for sulfur dioxide, allow trades over a very large region. While such programs do improve air quality in the aggregate, they do not necessarily reduce emissions at sources that make the greatest contribution to local air pollution and its resulting health problems.
