Similarly, Hardin's use of "commons" has frequently been misunderstood, leading Hardin to later remark that he should have titled his work "The Tragedy of the Unregulated Commons".
But here we run into the problem: "regulated by whom?"
If you say 'A government', then you open yourself up to first, the fact that you will be forcing people to pay for a service which, while it is true is in their benefit (at least ideally), They neither desire, nor appreciate. Should they refuse, you will be forced to extort the money out of them. Second, you make a path for special interest groups to direct legislation in their favor. Who, do you think, will be better able to pay for lobbyists, the coal-burning power company, or the citizens?
Private, independent ratings and standards agencies would be much more effective at preventing wide-scale pollution, because if one gets corrupted or co-opted, its ratings will diverge from the rest, and it will quickly be discredited. Someone pays off an EPA inspector, and there's nobody to double-check.