ENVIRONMENT

Smog-Credit Market Goes Electronic: The Regional Clean Air Incentives Market, or RECLAIM, which allows trading in air-pollution credits in the four-county region of the South Coast Air Quality Management District, was converted to a new electronic system on the Internet designed by the California Institute of Technology and the Pacific Stock Exchange. Credits to emit certain levels of pollution are issued by the district. Those companies able to cut their emissions below their permitted level can sell the excess credits to companies that are unable to meet, or choose to postpone meeting, their limits. Overall pollution is lowered because succeeding credits allow less and less pollution over time.