So what climate policies are out there, and which ones are actually getting the job done?

So let's start with our first question of what climate policies are out there.

Broadly speaking, we can think about climate policies in two buckets: there's market-based incentives and direct regulation.

Market-based approaches basically create incentives for businesses to reduce emissions.

They say, "We're gonna set a price on emissions," and it's theoretically more cost effective because it allows the businesses that are willing to pay that price to emit more.

It doesn't rely on the government to be all-knowing and perfectly set, you know, company A has to emit this much, and company B has to emit this much.

So it's more flexible.

So some policies worked in some places better than others, is what I'm hearing.