Chilean government plans to lay the legal groundwork for a national emissions-trading system are facing stiff opposition in the country’s Congress. The administration of President Ricardo Lagos has made emissions trading its top environmental priority, arguing the market-based approach would be a powerful new tool with which to reduce pollution in the country. But the prime vehicle for the initiative, a Decontamination Bonds Law filed in Congress in July of last year, has been dogged by criticism within the president’s own center-left coalition parties. Opponents, backed by most national environmental groups, voice a variety of complaints about the legislation, which—starting with an air-emissions regimen for Santiago—would allow trading of permits authorizing air, water and soil emissions. One criticism is... [Log in to read more]