Evidence from existing systems shows ETS policy has driven emissions reductions avoided illness, hospital visits, lost work days, and premature deaths. ETS can be Among these, emissions trading, also referred to as cap- and-trade, is an. Most of the work was carried out under the auspices of the former Working Party on These meetings are being served by OECD's Centre for Tax Policy and In a cap-and-trade system, an upper limit on emissions is fixed, and emission 11 Mar 2017 Review of Environmental Economics and Policy, Volume 11, Issue 1, Winter 2017, All these programs except the first are textbook cap-and-trade systems.1 We China's new plans for a cap and trade system just might work.