Back in 1990, George H. W. Bush’s administration had put a cap-and-trade system in place to curb the sulfur dioxide coming out of factory smokestacks and contributing to acid rain, which was destroying lakes and forests across the East Coast. Despite dire predictions that the measure would lead to factory closures and mass layoffs, the offending companies had quickly figured out cost-efficient ways to retrofit their factories, and within a few years, the problem of acid rain had all but disappeared.
