Remember the problems in the US with "acid rain" in the 80s, where inland lakes became so acidic most of the life in them died? A cap and trade system resolved that problem.

but...

Ocean acidification

Ocean acidification is the name given to the ongoing decrease in the pH of the Earth's oceans, caused by the uptake of anthropogenic carbon dioxide (CO2) from the atmosphere.[1] About 30-40% of the carbon dioxide released by humans into the atmosphere dissolves into the oceans, rivers and lakes [2][3]. To maintain chemical equilibrium, some of it reacts with the water to form carbonic acid. Some of these extra carbonic acid molecules split up to give a carbonate ion and two hydrogen ions, thus increasing the ocean’s "acidity" (H+ ion concentration).
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Research has already found that corals,[42][43][44] coccolithophore algae,[45][46][47][48] coralline algae,[49] foraminifera,[50] shellfish[51] and pteropods[6][52] experience reduced calcification or enhanced dissolution when exposed to elevated CO2.

http://en.wikipedia.org/wiki/Ocean_acidification

CBS news ran a report tonight on declining oyster populations due to their shells dissolving, leaving the oysters exposed to the elements.

Steve