How much is clean air worth on the open market? Industries in Southern California will soon find out. The South Coast Air Quality Management District voted 8 to 1 last week to prepare an innovative plan that takes a market-based instead of regulatory approach toward cleaning up the dirtiest air in the nation. While the same concept will be tried under the federal Clean Air Act to reduce sulfur-dioxide emissions from electric power plants in the Midwest, California's Regional Clean Air Incentives Market program (RECLAIM) is the most ambitious attempt so far to cut urban air pollution. Under the plan, businesses...
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