in the case of previous cap and trades there was an existing viable alternative. as much as i love sustainable energy it isn't there yet. And the tax just limits growth it won't necessarily cut back the actual emissions. corporations would just have to spend more money. while it is an incentive to stop it doesn't actually fix it.
some corporations will be able to beat their chest and say I only spent $10 on the tax/trade while others are still at $1,000,000 plus range. you are just finding out who doesn't mind paying some amount of money to keep doing things the same way.
The fixes i am talking about are finding cleaner burning fuels, or other sources, sustainable or not, finding more efficient methods of making stuff(less energy intensive) better buildings, better infrastructure. (nuclear is one, and there is tidal, geo thermal etc-none exist at the level they need to right now) the actual usage of the energy is only the tail end of a problem that extends beyond GW and that is waste and inefficiency. heck i think they are even working on road material that collects energy from the cars driving.
Piezoelectric Roads in Israel and California: Powering Up Cities as You Drive : The Environmental Blog
we, as society, need a violent push into the future. the stuff is out there, the technology and science is proven (case dependent of course) the change has to be a society level, people not driving 45 minutes to work so they can live in the burbs on 3/4 acre they never use beyond mowing in a 3000sqft house filled with crap they used once. more mass transit, and better stuff so we don't have to keep making the same crap and crap choices every few years.
i hadn't heard about china's cap and trade, i will believe the results when i see them. they are very much a country that says one thing but what they actually do is completely another or a way to b@st@rdize what they said.
the cap and trade if it happens will be good for China not good for the world.