In collaboration with researchers from Yale’s Economic Growth Center, the Indian state of Gujarat has launched the world’s first emissions trading system for particulate pollution — soot, smoke, dust, and other solid and liquid particles that are hazardous to human health. The new system could provide a model for the rest of India and the world as a means of reducing air pollution and facilitating economic growth, the researchers said. It is a market-based system where the government sets a cap on emissions of particulate matter and allows industries to buy and sell permits in order to stay below the cap, similar to the policy that successfully reduced acid rain in the United States in the 1990s.

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