ploying so-called"cap and trade"schemes,is a technique for playing in what amount to commodity mar-kets for buying and selling the right to generate pollutants.This practice is certain to be an important component of emerging greenhouse gas policies.If regulators put a ceiling on the allowed emissions of,say.meth-ane,and your company produces more than that amout,you'll be able to buy credits from a company that emits less than the permitted maximum.Conversely,if you reduce emissions below the regulated limit,you can be the one to sell credits.Companies that know how to play the emissions trading game will be well positioned to influence policy as it develops and react to it once it's in place.
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