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Has Californias Cap And Trade Caused A Reduction In Greenhouse Gas Emissions A Firm Level Analysis
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Book Synopsis Has California's Cap-and-Trade Caused a Reduction in Greenhouse Gas Emissions: A Firm-Level Analysis by : Brendan Gerard Timmons
Download or read book Has California's Cap-and-Trade Caused a Reduction in Greenhouse Gas Emissions: A Firm-Level Analysis written by Brendan Gerard Timmons and published by . This book was released on 2019 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: As part of efforts to reduce greenhouse gas emissions, policymakers around the world have implemented or are considering market-based emissions reductions policies like cap-and-trade. In the U.S., the only state with a cap-and-trade program that covers every sector in the economy is California, which has become a global leader in climate policy. Though California's emissions have decreased since the policy was implemented, this decline coincides with other factors, such as the natural gas boom and subsequent drop in natural gas prices, increases in vehicle gas mileage, and the ramping up of renewable portfolio standards. This study seeks to determine if, accounting for these other factors, the decrease in emissions can be attributed to the cap-and-trade program, and if so, how much reduction has come as a result of compliance with the program. I also study whether and how individual facilities comply with the cap. Using panel data for firm-level emissions from the U.S. Environmental Protection Agency and California Air Resources Board and accounting for other factors using data from a variety of U.S. government sources, I find that California's cap-and-trade program is associated with a reduction in firms' emissions. However, my results show that this decline may be at least partially attributed to leakage of emissions from California's climate policy regime to other states. Further study and more detailed data is needed to better understand the relationship between firms' emissions, the cap, and leakage.
Download or read book Exploring Cap-and-Trade written by and published by . This book was released on 2018 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Climate change is an urgent issue unlike anything humanity has ever faced. This thesis explores a market-based tool to reduce greenhouse gas emissions and limit global warming. Specifically, it uses the California cap-and-trade program as a case study. It provides background information on this program, which was established from the California Global Warming Solutions Act of 2006 (AB 32) and in 2017 was extended to 2030. Evaluating market-based tools is becoming increasingly important as countries and states look for ways to reduce climate pollution and create investments in a clean energy future. Through analysis of government reports and a literature review, this paper finds that the program is not performing at its optimum. It recommends reducing the number of allocated permits to increase the demand and the price. Additionally, it recommends implementation of processes that evaluate and reconsider how different programs created under AB 32 can complement carbon pricing--not undermine its ability to reduce emissions. Although the California cap-and-trade program is not performing at its optimum, the program represents California's commitment to addressing climate change and acts as an international inspiration for climate action. There are multiple states that are currently considering implementing carbon pricing tools. This paper concludes by providing an overview of the pending carbon legislation in Oregon.
Book Synopsis Too Good to be True? by : Robert N. Stavins
Download or read book Too Good to be True? written by Robert N. Stavins and published by . This book was released on 2007 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: California's Global Warming Solutions Act of 2006 limits California's greenhouse gas (GHG) emissions in 2020 to their 1990 level. Global climate change is a pressing environmental problem, and the best possible public policies will be required to address it. Therefore, analyses of prospective policies must themselves be of high quality, so that policymakers can reasonably rely on them when making the critical decisions they inevitably will face. In 2006, three studies were released indicating that California can meet its 2020 target at no net economic cost - raising questions about whether opportunities truly exist to substantially reduce emissions at no cost, or whether studies reaching such conclusions may simply severely underestimate costs. This paper provides an evaluation of these three California studies. We find that although opportunities may exist for some no-cost emission reductions, these California studies substantially underestimate the cost of meeting California's 2020 target. The studies underestimate costs by omitting important components of the costs of emission reduction efforts, and by overestimating offsetting savings that some of those efforts yield through improved energy efficiency. In some cases, the studies focus on the costs of particular actions to reduce emissions, but fail to consider the effectiveness and costs of policies that would be necessary to bring about such actions. While quantifying the full extent of the resulting cost underestimation is beyond the scope of our study, the underestimation is clearly economically significant. A few of the identified flaws individually lead to underestimation of annual costs on the order of billions of dollars. Hence, these studies do not offer reliable estimates of the cost of meeting California's 2020 target. Better analyses are needed to inform policymakers.
Book Synopsis Managing Greenhouse Gas Emissions in California by :
Download or read book Managing Greenhouse Gas Emissions in California written by and published by . This book was released on 2006 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Greenhouse Gas Protocol written by and published by World Business Pub.. This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The GHG Protocol Corporate Accounting and Reporting Standard helps companies and other organizations to identify, calculate, and report GHG emissions. It is designed to set the standard for accurate, complete, consistent, relevant and transparent accounting and reporting of GHG emissions.
Book Synopsis Understanding and Analysis: The California Air Resources Board Forest Offset Protocol by : Eric Marland
Download or read book Understanding and Analysis: The California Air Resources Board Forest Offset Protocol written by Eric Marland and published by Springer. This book was released on 2017-03-28 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a product of the initial phase of a broader study evaluating the voluntary and regulatory compliance protocols that are used to account for the contributions of forests in U.S.-based greenhouse gas (GHG) mitigation programs. The research presented here is particularly concerned with these protocols’ use of the USDA Forest Service’s Forest Inventory and Analysis (FIA) data to describe forest conditions, ownership, and management scenarios, and is oriented towards providing regulators and other interested parties with an objective comparison of the options, uncertainties, and opportunities available to offset GHG emissions through forest management. Chapters focus on the protocols for recognizing forest carbon offsets in the California carbon cap-and-trade program, as described in the Compliance Offset Protocol; U.S. Forest Projects (California Air Resources Board, 2011). Readers will discover the protocols used for quantifying the offset of GHG emissions through forest-related project activity. As such, its scope includes a review of the current methods used in voluntary and compliance forest protocols, an evaluation of the metrics used to assign baselines and determine additionality in the forest offset protocols, an examination of key quantitative and qualitative components and assumptions, and a discussion of opportunities for modifying forest offset protocols, in light of the rapidly changing GHG-related policy and regulatory environment. Finally, the report also discusses accounting and policy issues that create potential barriers to participation in the California cap-and-trade program, and overall programmatic additionality in addressing the needs of a mitigation strategy.
Book Synopsis An Introduction to California's Greenhouse Gas Emission Trading Program by : Tseming Yang
Download or read book An Introduction to California's Greenhouse Gas Emission Trading Program written by Tseming Yang and published by . This book was released on 2013 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: Even though climate change will require a global solution, the efforts of individual nations and sub-national governmental units have become increasingly important for demonstrating leadership in creating effective regulatory programs and possible solutions. California's Global Warming Solutions Act of 2006, also referred to as A.B. 32, and the associated greenhouse gas emission trading program are one set of such efforts. With A.B. 32, the state of California has created one of the most comprehensive and complex climate change programs in the world - a legally binding set of mandates for the state government to reduce greenhouse gas (GHG) emissions to 1990 levels by the year 2020 that is implemented in part by a highly sophisticated GHG trading system. Although a number of years have already passed since A.B. 32's first enactment, the highest-profile regulatory action, the emission trading program, also referred to as a cap-and-trade system, became effective only recently. This short essay is designed to provide an introduction to the basic aspects of the California Global Warming Solutions Act as well as the GHG Emission Trading Program. In particular, the essay will touch on the scope of the emission trading program's carbon cap and what sources are covered, the cap decline by 2020, carbon allowances and offset-credits as well as related allowance banking issues, reporting and compliance processes, and linkage with other emission trading systems.
Book Synopsis Are Firm Emissions Data Likely to be Accurate Under Carbon-dioxide Cap & Trade Programs? by :
Download or read book Are Firm Emissions Data Likely to be Accurate Under Carbon-dioxide Cap & Trade Programs? written by and published by . This book was released on 2019 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Numerous policy makers around the world have implemented carbon dioxide (CO2) cap and trade programs in an effort to combat global climate change. However, under this policy option emitters face incentives to both overstate prior emission levels and then exaggerate emissions reductions induced by regulation. I first build a simple conceptual model which demonstrates these incentives for fraud, and then outline institutional conditions which could plausibly enhance, or else reduce, firm incentives to disseminate erroneous emissions data under this policy option. Next I analyze real world evidence suggesting that duplicitous emissions data, particularly for the pre-regulatory period, is a serious concern for cap and trade programs. I conclude by suggesting strategies for enhancing the accuracy of firm emission data under this policy option.
Book Synopsis Three Lingering Design Issues Affecting Market Performance in California's GHG Cap-and-Trade Program by : Todd Schatzki
Download or read book Three Lingering Design Issues Affecting Market Performance in California's GHG Cap-and-Trade Program written by Todd Schatzki and published by . This book was released on 2014 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: California's GHG cap-and-trade program is a key element of policies designed to achieve the goal of the Global Warming Solutions Act of 2006 (AB 32) to reduce GHG emissions to 1990 levels by the year 2020. Throughout the process of implementing its GHG cap-and-trade program, ARB has shown an admirable willingness to continue discussions to refine and improve the program's design. Although the program has now entered its first compliance period and has already undertaken its first allowance auction, there is still opportunity for further refinement of a program that will be in effect through 2020. In this spirit, we recommend that ARB consider modifications to three program elements - the Allowance Reserve, offset programs, and holding limits - that would improve program performance without compromising environmental performance. The cap-and-trade program has important consequences both within and outside California. Within California, design of an effective cap-and-trade program will help to lower the economic cost of meeting AB 32's ambitious emission targets. However, in terms of addressing the climate change problem, California's greatest impact may come not from the actual emission reductions achieved by the state, but by the leadership it provides on climate policy. As other countries and states watch California's policy outcomes, they will draw important lessons about which policies can help achieve policy objectives with limited economic disruption, and whether such commitments should be pursued. By developing policies that achieve environmental goals while minimizing economic risks, California can provide a positive example for other jurisdictions considering similar climate commitments.
Book Synopsis An Assessment of California's Cap-and-trade Revenue Options & Free Allowance Allocation Methods by : Kevin Phillip Navarro
Download or read book An Assessment of California's Cap-and-trade Revenue Options & Free Allowance Allocation Methods written by Kevin Phillip Navarro and published by . This book was released on 2013 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global climate change has caught the attention of climate scientists, the general public, and public officials over the past forty years. A relatively new policy instrument used to combat climate change and its negative effects is cap-and-trade. In 2006, California passed into law the landmark California Global Warming Solutions Act (AB 32) to reduce statewide greenhouse gas emissions over the 21st Century. The law authorizes the California Air Resources Board to setup and implement a cap-and-trade program intended to reduce greenhouse gas (GHG) emissions by allocating free and auctioning carbon allowances and using cap-and-trade auction revenues to fund programs fulfilling the goals of the California Global Warming Solutions Act. My questions are whether carbon allowances should be allocated freely or purchased at auction and how should California spend cap-and-trade revenues generated from the cap-and-trade auctions to meet the goals of AB 32? I review the relevant literature on auctioning allowances, freely allocating allowances, and free allocation schemes. I detail five potential allocations of cap-and-trade revenues and evaluate them against seven criteria used to judge each revenue allocation. The five spending options include a K-14 energy efficiency program, supplementing funding for the implementation of the Sustainable Communities and Climate Protection Act of 2008, expanding forestry efforts, increasing money to alternative fuel and vehicle efficiency research and development, and creating a Green Bank that finances various energy efficiency and alternative energy programs. The seven evaluative criteria are efficiency, equity, external environmental effect, transparency/ accountability, legality, robustness/improvability, and political acceptability. A review of the literature I determine California should use an initial mix of allocating allowances for free and auctioning allowances that shifts toward an auctioning of allowances over time and the output-based updating allocation scheme is the best way to allocate free allowances. After analyzing the different spending alternatives against the seven criteria, I determine cap-and-trade revenue options should be spent on funding for research and development funding for alternative fuel and vehicle efficiency projects, with secondary emphasis on increased forestry and supplementing funding for the implementation of the Sustainable Communities and Climate Protection Act of 2008.
Book Synopsis Long-term Greenhouse Gas Emissions Mitigation in California and the Associated Regional Air Quality and Public Health Impacts by : Tianyang Wang
Download or read book Long-term Greenhouse Gas Emissions Mitigation in California and the Associated Regional Air Quality and Public Health Impacts written by Tianyang Wang and published by . This book was released on 2019 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this dissertation we investigate the roadmap for California to achieve deep greenhouse gas (GHG) emissions reductions by 2050 and the resulting regional air quality and public health impacts, form the strategy feasibility and selections that achieves different levels of ambitious climate target, to the benefits and trade-offs of different technology pathways with respect to air quality and public health consequences, as well as the relative contributions of emissions from different origins to regional air quality and public health. We first develop a roadmap for California to achieve net-zero GHG emissions in 2050 using detailed modeling of energy system transformation, cross-sectorial connectivity, and technology applicability. GHG mitigation strategies also reduce co-emitted criteria pollutants in California. By utilizing the Weather Research and Forecasting Model with Chemistry (WRF-Chem) and the Environmental Benefit Mapping and Analysis Program (BenMAP), we find that achieving net-zero GHG emissions can reduce 14,066 (95% Confidence Interval: 10,855 - 17,226) air pollution-related mortality in 2050, 35% of which are in disadvantaged communities. The monetized health co-benefit can offset most of the GHG abatement costs (i.e., 26 -116 billion dollars). These co-benefits are mainly contributed by ambient fine particulate matter (PM2.5) concentration reductions, while ambient ozone (O3) concentration in California is not likely to drop when local emissions reduce. The net-zero target also requires bioenergy with carbon capture and sequestration (BECCS) technology to offset some GHG emissions. BECCS technology, whereas supporting the net-zero target, would emit air pollutants through biomass combustion and reduce health co-benefits by 3 billion dollars, suggesting a potential trade-off between climate benefits and health co-benefits of ambitious climate policies. We then analyze the air quality and health impacts of different GHG mitigation pathways. By adopting an integrated approach that combines energy and emission technology modeling, high-resolution chemical transport simulation, and health impact assessment, we find that achievement of the 80% GHG reduction target would always bring substantial air quality and health co-benefits. But more importantly, the level of co-benefits are highly related to the selected technology pathway largely because of California's relatively clean energy structure. Compared with the business-as-usual levels, a decarbonization pathway that focuses on electrification and clean renewable energy is estimated to reduce concentrations of PM2.5 by 18-37% in four major metropolitan areas of California and subsequently avoid 10,196 (95% CI: 8,169-12,202) premature deaths. In contrast, a pathway focusing more on combustible renewable fuels only results in a quarter of such air quality and health benefits. Similar to what we found before, both GHG mitigation pathways may not reduce ambient O3 concentrations in California. Our findings could also assist the development of optimized technology pathway to simultaneously reduce GHG emissions and improve human health in California. Lastly, we conduct a detailed analysis to understand the relative contributions of local and non-local emission sources to ambient PM2.5 and O3 and evaluate the mortality burden in California associated with these two pollutants. We attribute the ambient PM2.5 and O3 concentrations in California to four emission groups: (1) California in-state anthropogenic emissions; (2) anthropogenic emissions from the western United States, excluding California; (3) natural emissions from the western United States; and (4) all emissions from outside of the western United States. Our health impact analyses find that PM2.5 and O3 are associated with 27,445 [95% Confidence Interval (CI): 19,277 - 35,885] and 13,822 (95% CI: 6,106-23,659) mortalities in California in 2012, respectively. Our estimates of O3-assocoated mortality are much higher than previously reported, mainly because we estimate 6,354 (95% CI 2,224 - 10,268) O3-associated cardiovascular mortality based on new epidemiological evidence. Approximately 67% of PM2.5-associated mortality in California is attributable to PM2.5 from in-state anthropogenic emissions. In contrast, 75% of the ambient O3 in California is contributed by distant emissions outside western United States, leading to 92% of O3-associated mortality, while in-state emissions were found to contribute to a much lesser extent to O3-associated mortality [i.e., 771 (95% CI 389-1,146) in ozone season]. The different patterns of PM2.5 and O3 we found also help explain our previous findings that GHG mitigation efforts in California mainly reduce local PM2.5 pollution.
Book Synopsis California's Ambitious Greenhouse Gas Policies by : Kenneth C. Johnson
Download or read book California's Ambitious Greenhouse Gas Policies written by Kenneth C. Johnson and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract- California's Cap-and-Trade system cannot achieve the “maximum technologically feasible and cost-effective greenhouse gas emissions reductions” required by statute because the emissions reduction target (the cap) is itself predetermined by statute.- Cap-and-Trade disincentivizes complementary and independent carbon-reduction actions in capped sectors by nullifying their environmental benefits (the “waterbed effect”).- In contrast to Cap-and-Trade, an effective regulatory policy would empower individuals, businesses, communities, and municipalities to influence the scale and pace of decarbonization through their collective actions and investment choices.California's landmark AB 32 legislation, enacted in 2006, tasked the California Air Resources Board (CARB) with (1) ensuring that statewide greenhouse gas emissions in 2020 would not exceed the 1990 level, and (2) achieving the “maximum technologically feasible and cost-effective reductions in greenhouse gas emissions”. CARB adopted a caps-and-standards regulatory framework, which interpreted the statutory emissions limit in 2020 as a predetermined “target”, thus rendering the maximum-reduction mandate ineffectual. In its May, 2022 draft Scoping Plan, CARB proposed extending the same framework to implement California's new legislative directive (SB 32) requiring a reduction of statewide emissions by “at least 40 percent” below the 1990 level “no later than” 2030. The plan continues CARB's reliance on Cap-and-Trade, which again establishes the statutory minimum as a “target” and disincentivizes further emissions reductions beyond the target - any such action would simply free up surplus allowances for other emitters to use (the “waterbed effect”). To put California on track toward decarbonization at the scale and pace required for global climate stabilization, the legislature should resolve interpretative ambiguities and contradictions in its statutes and institute a regulatory policy paradigm that gives meaning and effect to the mandate requiring “maximum technologically feasible and cost-effective” emissions reductions.
Book Synopsis Role of Residential and Commercial Sectors in Meeting California's 80 Percent GHG Emissions Reduction Goal by 2050 by : Mohammad Saleh Zakerinia
Download or read book Role of Residential and Commercial Sectors in Meeting California's 80 Percent GHG Emissions Reduction Goal by 2050 written by Mohammad Saleh Zakerinia and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Climate change is one of the most important issues in today's world, and there is an increasing concern about it. State of California is the leading states in the United States in cutting greenhouse gas (GHG) emissions; it sets an objective of achieving 1990 emission level by 2020 and also long-term objective of emission reduction to 80% of 1990 level by 2050. Short-term policies and necessary steps to take in the short term are well-defined, and California is on the right track of achieving 2020 goal. Yet, it is unclear what kind of policies and technological transformation will be needed in order to get to the long-term goal. We use the CA-TIMES model, an economy-wide bottom-up, and technology-rich optimization model, to study the role of commercial and residential sectors in mitigating GHG emissions by 2050. Commercial and residential sectors contribute to 30% of total energy consumption. Therefore, it is very crucial to study the implication of policies in these sectors to reach our long-term goal. There are many energy models developed for California. However, they either do not address cost implications of GHG mitigation in California or lack system modeling approach. These models cannot analyze abatement costs explicitly, consider interactive policies between different sectors of the economy or optimally allocate financial/physical resources. CA-TIMES is the first model that explicitly calculates the cost of mitigation, taken into account different sectors of energy system and their interactions and finds the optimal allocation of money/resources to reach policy target. We defined different scenarios each having a fixed service demand that is driven by economic drivers. We have an elastic demand scenario in which demands change with a change in price of service demands; this may be a more realistic case than the fixed demand. We have performed a decompositions analysis to see the role of efficiency improvement, carbon intensity reduction, and demand reduction in different scenarios. Our results show that the cost of mitigation is much higher with having a binding emission constraint. We have also calculated the realized abatement cost curves that show mitigation costs across different end-uses. The residential and commercial sectors are modeled based on projected energy service demands that are independent of technology and fuels. The residential sector consists of end-use demand technologies used to satisfy thirteen residential end-use service demand, including space heating, space cooling, water heating, lighting, cooking, refrigeration, clothes washing, clothes drying, dish washing, freezer, TV, pool pumps, and miscellaneous. Likewise, the commercial sector end-use demand technologies comprise cooking, lighting, water heating, refrigeration, space cooling and heating, ventilation, office equipment and miscellaneous which are used in our model to satisfy service demand. The model is described by fuel types (e.g. natural gas, electricity, LPG) and end-use technologies (e.g. compact fluorescent lamps, furnace, TV) that meet these service demands. The energy service demands are projected based on assumed drivers that are population, building size, building heating/cooling coefficient, appliance saturation rate, appliance utilization rate and commercial floorspace. Future technology adoption and abatement rely on economic factors (including fuel price changes), consumer choices, technology availability, and policy choices to determine the total state-wide residential and commercial energy use over the time horizon. The model selects technologies to meet energy service demand while minimizing net system cost and satisfying other user-defined constraints such as policy goals in GHG emission targets, appliance efficiency standards, etc. The BAU policy assumes the existing policies do not expire, and they will continue throughout the modeling period until 2050. In the GHG reduction scenario, it is assumed there is a linear carbon cap constraint in addition to the available policies in the BAU scenario. The linear carbon cap assumes the carbon cap would be a straight-line trajectory from 2020 to 2050. CA-TIMES also can be used as a partial equilibrium model. Meaning that service demands are not fixed, and they can be changed based on the elasticities of service demands to their price each year. Under this framework, the model minimizes the welfare loss associated with the change in the service demand. The GHG reduction scenario that runs under this framework is called the GHG-Elastic demand scenario. The residential and commercial sectors show substantial efficiency improvements and reductions in the final energy demand due to the adoption of more efficient technologies as well as technologies that rely on electricity more than natural gas. In 2010, electricity accounted for 57% of commercial energy use and 37% of residential energy consumption. By 2050, electricity's share of final energy is 67% in the commercial sector and 79% in the residential sector under the GHG reduction scenario. Overall, weighted efficiency for commercial and residential sectors is 2.3 and 3.89 times higher in 2050 relative to 2010 in the GHG reduction scenario, respectively. The model can reduce service demand instead of adopting efficient appliances to decrease GHG emissions in the GHG-Elastic demand scenario, which also lead to significant cost saving. So, weighted efficiency improvement for commercial and residential sectors in the GHG-Elastic demand scenario reduces to 2.21 and 3.55 in 2050, respectively. The model do not invest in ground source heat pumps, efficient electric water heaters and other efficient technologies, which are also expensive, to decrease GHG emissions. Instead, the model reduces service demand in various service demands to decrease emissions and abatement costs. Electrification of buildings is interconnected with the increased demand for more low-carbon electricity generation. Under GHG scenarios, carbon intensity of electricity is decreased by 96% in 2050 relative to 2010. The average mitigation costs are $74/tonne CO2e and -$2/tonne CO2e for the residential and commercial sectors, respectively, in the GHG reduction scenario compared with the BAU. The mitigation costs are reduced to $24/tonne CO2e and -$41/tonne CO2e for the residential and commercial sectors, respectively, in the GHG-Elastic demand scenario. Relatively small amount of service demand reduction (on average 4% in both residential and commercial sectors) lead to significant abatement cost reduction in the GHG-Elastic demand compared to the GHG scenario. Therefore, it is crucial to decarbonize the electricity through extensive use of renewables and design proper policies to promote efficiency improvement and reduce service demands to reach 2050 emissions reduction target with relatively low cost.
Book Synopsis Making Climate Policy Work by : Danny Cullenward
Download or read book Making Climate Policy Work written by Danny Cullenward and published by John Wiley & Sons. This book was released on 2020-10-07 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: For decades, the world’s governments have struggled to move from talk to action on climate. Many now hope that growing public concern will lead to greater policy ambition, but the most widely promoted strategy to address the climate crisis – the use of market-based programs – hasn’t been working and isn’t ready to scale. Danny Cullenward and David Victor show how the politics of creating and maintaining market-based policies render them ineffective nearly everywhere they have been applied. Reforms can help around the margins, but markets’ problems are structural and won’t disappear with increasing demand for climate solutions. Facing that reality requires relying more heavily on smart regulation and industrial policy – government-led strategies – to catalyze the transformation that markets promise, but rarely deliver.
Download or read book Cap-and-trade Revenues written by and published by . This book was released on 2016 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Evaluation of Cap-and-Trade Programs for Reducing U.S. Carbon Emissions by :
Download or read book An Evaluation of Cap-and-Trade Programs for Reducing U.S. Carbon Emissions written by and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Climate change has emerged as an important public policy issue, although the prospects for an international agreement on climate policy are unclear. Several Members of Congress and public interest groups have proposed plans to encourage or require cuts in the United States' emissions of carbon dioxide, which affect the Earth's climate. This Congressional Budget Office (CBO) study-prepared at the request of the Senate Committee on Environment and Public Works-examines four proposals for reducing those emissions. Each proposal is a variant of a "cap-and-trade" program, in which policymakers would set a mandatory cap on emissions of carbon dioxide and provide companies with economic incentives to reach that cap at the lowest possible cost. This study evaluates the four proposals using various criteria, including ease of implementation, degree of certainty about achieving the target level of emissions, cost-effectiveness, and distributional effects. The analysis shows how key decisions in the design of cap-and-trade programs affect their performance relative to those criteria. No single proposal stands out in terms of all the criteria considered. Which option policymakers might prefer, if they chose to take action at all, would depend on how they weighed the various performance criteria.
Book Synopsis Elements of Emission Market Design by : William Shobe
Download or read book Elements of Emission Market Design written by William Shobe and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We use a set of economic experiments to test the effects of some novel features of California's new controls on greenhouse gas emissions. The California cap and trade scheme imposes limits on allowance ownership, uses a tiered price containment reserve sale, and settles allowance auctions based on the lowest accepted bid. We examine the effects of these features on market liquidity, efficiency, and price variability. We find that tight holding limits substantially reduce banking, which, in turn reduces market liquidity. This impairs the ability of traders to smooth prices over time, resulting in lower efficiency and higher price variability. The price containment reserve, while increasing the supply of allowances available to traders, does not appear to mitigate the effects of tight holding limits on market outcomes. As a result, the imposition of holding limits in the allowance market may have the consequence of increasing the likelihood of the market manipulation that they were intended to prevent. Finally, we find that the choice between lowest accepted bid and highest rejected bid for the allowance auction pricing rule does not have a significant effect on market outcomes.
