All it does is increases transaction costs for no benefit (that I see). Also, it's pointless to care about the distribution effects of individual policies rather than overall government transfers.
Even if a cap and trade system is economically equivalent to a carbon tax, it might be more politically palatable because it doesn’t use the tax mechanism.
You're just giving an equal handout (that's equivalent to cash) to everybody.
I have not yet formed an opinion for better or for worse, but thought it key to point out a potential argumentative difference.
So, as a benefit to removing the feral animal problem, should they not then get a tax reduction for eating meat as they are removing a feral animal from the environment?
That's not a very good policy. If the point is to reduce carbon emissions and not to get people to eat less meat, then why would you effectively ban technologies that make meat production more carbon efficient?