How does this help fund renewable energy and conservation to end GHG climate disaster?  I don't know. 

The government auctions off GHG emission permits.

The money raised is distributed to everyone on the planet equally.  Consumer energy prices rise as industry passes on the cost of the permits.  

Trading of the permits by hedge funds raises the cost of energy in a bubble.  Consumers pick up the bill, as they did in the Enron induced California energy trading bubble.

The poorest use their payments to try and survive.  Middle income people use the cash to try to pay their rising energy bills.  The wealthy don't need the payments.

It's a redistribution of wealth scheme.  Politically anathema to most of the planet's population.

"If you assume the atmosphere belongs to government, then cap-and-auction is your choice. If you assume the atmosphere is a gift to everyone, then cap-and-recycle follows."

Classic regifting.  

No one owns earth, air, fire, or water.  That's a commercial/cultural fabrication.  Native americans tried to warn our culture that no one owns the land.  But we wouldn't listen.

So now it comes down to making all the other features of planet earth commercial.

Symbiosis is how life works.  Commercialism is how death works.  Living parts of the living planet are "killed" and vended for bottomline profit.  The atmosphere, natural reasources, water, soil, plants, animals, humans  are all assigned commercial values.

Yes humans too, even without slavery.  Actuarial tables specify how much each human life is worth.