Abstract

Emissions trading, also known as cap-and-trade systems, has not yet fulfilled its function of mitigating overall global greenhouse gas (GHG) emissions. The reasons for this failure are manifold and have been broadly discussed at political and empirical levels in the last decades. However, much can still be said from a philosophical perspective. Such an analysis is not limited to the evaluation of cap-and-trade systems’ lack of efficiency and the consequences arising from it but goes deeper into the moral questions underlying cap-and-trade systems. This is how this paper attempts to contribute to and expand the debate on emissions trading at different levels. By examining a popular analogy between traditional and climate commons, I challenge some of the economic and normative assumptions at the core of cap-and-trade systems. I argue that these assumptions lead to misguided conclusions in responding to the causes of climate change. This will partly explain why, although emissions trading is intended to fulfil a duty to mitigate greenhouse gases, we should not pin all our hopes on it just yet.