So long as transaction costs are low, the creation of a tradeable permit to emit carbon should allow bargaining for emission rights among buyers and sellers, resulting in an efficient allocation of carbon emission rights. However, the trading of carbon credits may have socially unjust consequences. In this article, we explore some hitherto unrecognized disequities. One of these may be the creation of toxic hotspots as the trade of carbon may bring with it a transfer of air toxics, as well. We illustrate the argument by examining emissions from refineries participating in California’s cap-and-trade program. These considerations are a concern for the larger question of carbon mitigation as the global community strives to identify feasible, yet just, approaches to reducing greenhouse gas emissions. Contrary to the idea of alienable rights, the transfer of carbon affects people and place in ways not internalized by these market instruments.

中文翻译：

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碳交易的隐藏不公平：碳排放、空气毒物和环境正义

只要交易成本低，创建可交易的碳排放许可就应该允许买卖双方就排放权进行讨价还价，从而实现碳排放权的有效分配。然而，碳信用的交易可能会产生社会不公正的后果。在本文中，我们探讨了一些迄今为止未被承认的不公平现象。其中之一可能是产生有毒热点，因为碳交易也可能带来空气有毒物质的转移。我们通过检查参与加州限额与交易计划的炼油厂的排放来说明这一论点。随着全球社会努力确定可行但公正的减少温室气体排放的方法，这些考虑因素是对碳减排这一更大问题的关注。与可转让权利的想法相反，