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AMONG radical environmentalists, it has often been said that carbon trading and carbon offsets (which allow emitters of greenhouse gases to "redeem" their sins by countervailing actions) are comparable to the medieval practice of selling indulgences. In those days, believers were encouraged to improve their prospects in the after-life through a monetary transaction with the Church. Reaction against this practice helped to inspire the Protestant Reformation.
The parallel is not perfect. Buying indulgences had few earthly consequences, besides making the Church richer. Whereas carbon markets, if they work as they are supposed to, could have the effect of helping to save the planet. In both cases, however, critics feel that moral integrity is compromised.
In any case, visitors converging on the Vatican today are unlikely to be given a free pass as easily as the fee-paying transgressors of the Middle Ages. Chief executives of leading oil companies are due to meet Pope Francis, whose green encyclical, "Laudato Si", calls for...Continue reading
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