The Swiss incinerate waste and then use cap and trade to pay other countries (such as Ghana) to 'reduce' their emissions, thereby meeting emissions guidelines.

International purchasing of credits is higher in higher GDP countries. For example, the Swiss paid Ghana to reduce their carbon output.

In the U.S., carbon credits tend to be purchased domestically. Since the most populated states rival other high GDP countries, it really doesn't matter if the credits are purchased from Montana or Thailand. In the end, there's still a lot of hand-waving while people scramble to massage their ledgers.

In the end, high GDP countries pat themselves on the back for beautifying their country while part of what they're doing is moving numbers on a page or presenting selective facts. Mission Completed. Great success. High-fives all around.

Great piece, James. I loved it. I can geek out on this subject any day, but the 'social mores' element made it a truly great read.