Are Market Mechanisms Moral?

While using all available tools may seem wise when faced with the formidable challenges presented by climate change, there are moral authorities — including Pope Francis — who have cautioned against blind acceptance of one popular approach, market-based mechanisms. As the environmental law and policy field absorbs the Paris Agreement and begins to focus on methods of achieving the goals consented to, it will be important for thought leaders to step back and examine the tools at their disposal from the perspective of the global community, particularly the poor and marginalized, as well as weigh other market-based programs to reduce pollutants like mercury or sulfur dioxide. Can a market overcome the moral failure of the tragedy of the commons? Can it be constructed to incentivize social equity and avoid pollution hot spots?