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Managing Allowance Prices In A Cap And Trade Program
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Book Synopsis Managing Allowance Prices in a Cap-and-trade Program by : Terry Dinan
Download or read book Managing Allowance Prices in a Cap-and-trade Program written by Terry Dinan and published by . This book was released on 2010 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Scientists generally conclude that rising concentrations of greenhouse gases are warming the Earth's climate. Concern about the damage that might result has led policymakers and analysts to consider policies designed to restrict emissions of those gases. One type of policy, a cap-and-trade program, could minimize the cost of achieving a limit, or cap, on emissions by allowing market forces to determine where, how, and to some extent when the cuts in emissions necessary to achieve the cap would be made. This Congressional Budget Office (CBO) study--prepared at the request of the Chairman of the Senate Committee on Energy and Natural Resources--examines the potential effects of features that would help manage allowance prices, and thus the cost of complying with a cap-and-trade program, by altering the number of allowances available to firms at various prices--Preface.
Book Synopsis Managing Allowance Prices in a CapandTrade Program by :
Download or read book Managing Allowance Prices in a CapandTrade Program written by and published by DIANE Publishing. This book was released on with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Managing Allowance Prices in a Cap-and-trade Program by : Terry Dinan
Download or read book Managing Allowance Prices in a Cap-and-trade Program written by Terry Dinan and published by . This book was released on 2010 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Scientists generally conclude that rising concentrations of greenhouse gases are warming the Earth's climate. Concern about the damage that might result has led policymakers and analysts to consider policies designed to restrict emissions of those gases. One type of policy, a cap-and-trade program, could minimize the cost of achieving a limit, or cap, on emissions by allowing market forces to determine where, how, and to some extent when the cuts in emissions necessary to achieve the cap would be made. (Other options include taxes on emissions and regulatory standards to reduce emissions, or a combination of the various approaches.) A cap-and-trade program would establish increasingly stringent annual limits on greenhouse gas emissions over the course of several decades. The government would distribute rights to emit such gases (allowances) by either selling them, possibly in an auction, or giving them away. Firms would be allowed to trade the allowances after they had been distributed and to shift them over time to some degree by 'banking' unused allowances for future use or by 'borrowing' allowances allocated to future years. The price of allowances would rise to the level necessary to ensure that the limit on cumulative emissions over the life of the policy (implied by the annual caps) was met. That price level would depend crucially on a variety of factors, including the growth of the economy and the development of new technologies to reduce emissions. Because policymakers cannot know in advance how high or low prices will be in any given year, they might consider adding features to the design of a cap-and-trade program that would limit the range of potential allowance prices. This Congressional Budget Office (CBO) study--prepared at the request of the Chairman of the Senate Committee on Energy and Natural Resources--examines the potential effects of features that would help manage allowance prices, and thus the cost of complying with a cap-and-trade program, by altering the number of allowances available to firms at various prices. In keeping with CBO's mandate to provide objective, impartial analysis, the report contains no recommendations." --Preface.
Book Synopsis Tools of the Trade by : Canada. Environment Canada
Download or read book Tools of the Trade written by Canada. Environment Canada and published by Canadian Government Publishing. This book was released on 2005 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This guidebook is intended as a reference for policymakers and regulators considering cap and trade as a policy tool to control pollution. It is intended to be sufficiently generic to apply to various pollutants and environmental concerns; however, it emphasizes cap and trade to control emissions produced from stationary source combustion."--Page 1-1, Introduction.
Book Synopsis Cap-and-trade Program Considerations by : Michael P. Bergmann
Download or read book Cap-and-trade Program Considerations written by Michael P. Bergmann and published by Nova Science Publishers. This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Scientists generally conclude that rising concentrations of greenhouse gases are warming the Earth's climate. Concern about the damage that might result has led policymakers and analysts to consider policies designed to restrict emissions of those gases. One type of policy, a cap-and-trade program, could minimise the cost of achieving a limit, or cap, on emissions by allowing market forces to determine where, how, and to some extent when the cuts in emissions necessary to achieve the cap would be made. This new book examines the potential effects of features that would help manage allowance prices, and thus the cost of complying with a cap-and-trade program.
Book Synopsis Managing Costs in a U.S. Greenhouse Gas Trading Program by : Marika Tatsutani
Download or read book Managing Costs in a U.S. Greenhouse Gas Trading Program written by Marika Tatsutani and published by . This book was released on 2013 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cost containment has emerged as a major point of contention in the current congressional debate about designing a cap-and-trade program to limit future U.S. greenhouse gas (GHG) emissions. This paper reviews basic concepts and policy options for cost management, drawing on a March 2008 workshop sponsored by Resources for the Future (RFF), the National Commission on Energy Policy, and Duke University's Nicholas Institute for Environmental Policy Solutions. The different sources and temporal dimensions of cost uncertainty are explored, along with possible mechanisms for addressing short- and long-term cost concerns, including banking and borrowing, emissions offsets, a price cap (or safety valve), quantity-limited allowance reserve, and the concept of an oversight entity for GHG allowance markets modeled on the Federal Reserve. Recognizing that the inherent trade-off between environmental certainty and cost certainty has no perfect solution, the paper nonetheless concludes that numerous options exist for striking a reasonable and politically viable balance between these two objectives. In the effort to forge consensus around a particular set of options, it will be important for policymakers to strive to fit the remedy to the problem they are trying to solve and to preserve the underlying integrity of the overall program in terms of its long-term ability to sustain meaningful market incentives for low-carbon technologies.
Book Synopsis The Green Paradox by : Hans-Werner Sinn
Download or read book The Green Paradox written by Hans-Werner Sinn and published by MIT Press. This book was released on 2012-02-03 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: A leading economist develops a supply-side approach to fighting climate change that encourages resource owners to leave more of their fossil carbon underground. The Earth is getting warmer. Yet, as Hans-Werner Sinn points out in this provocative book, the dominant policy approach—which aims to curb consumption of fossil energy—has been ineffective. Despite policy makers' efforts to promote alternative energy, impose emission controls on cars, and enforce tough energy-efficiency standards for buildings, the relentlessly rising curve of CO2 output does not show the slightest downward turn. Some proposed solutions are downright harmful: cultivating crops to make biofuels not only contributes to global warming but also uses resources that should be devoted to feeding the world's hungry. In The Green Paradox, Sinn proposes a new, more pragmatic approach based not on regulating the demand for fossil fuels but on controlling the supply. The owners of carbon resources, Sinn explains, are pre-empting future regulation by accelerating the production of fossil energy while they can. This is the “Green Paradox”: expected future reduction in carbon consumption has the effect of accelerating climate change. Sinn suggests a supply-side solution: inducing the owners of carbon resources to leave more of their wealth underground. He proposes the swift introduction of a “Super-Kyoto” system—gathering all consumer countries into a cartel by means of a worldwide, coordinated cap-and-trade system supported by the levying of source taxes on capital income—to spoil the resource owners' appetite for financial assets. Only if we can shift our focus from local demand to worldwide supply policies for reducing carbon emissions, Sinn argues, will we have a chance of staving off climate disaster.
Book Synopsis Equity and Efficiency in Cap-and-trade by :
Download or read book Equity and Efficiency in Cap-and-trade written by and published by . This book was released on 2009 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper considers the distributional effects of cap-and-trade across different sets of people, including consumers, shareholders, household income groups, and geographic regions, and it explores the role of policy design in determining those effects. The paper describes how the incidence of the program depends on how market forces transmit the costs of emissions abatement through the economy and how the program can create large transfers from one group to another, especially through the way the government doles out allowances. Finally, it explains how the allocation of allowances can lower or raise the overall costs to the economy by reducing other economic distortions or by inducing higher-cost abatement. -- Intro (p.1).
Book Synopsis Markets for Clean Air by : A. Denny Ellerman
Download or read book Markets for Clean Air written by A. Denny Ellerman and published by Cambridge University Press. This book was released on 2000-06-19 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book analyzes the behavior and performance of the market for emissions permits, called allowances in the Acid Rain Program, and quantifies emission reductions, compliance costs, and cost savings associated with the trading program."--BOOK JACKET.
Book Synopsis Counting the Change by : United States. Congress. House. Committee on the Budget
Download or read book Counting the Change written by United States. Congress. House. Committee on the Budget and published by . This book was released on 2008 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effect of Allowance Allocations on Cap-and-Trade System Performance by : Robert W. Hahn
Download or read book The Effect of Allowance Allocations on Cap-and-Trade System Performance written by Robert W. Hahn and published by . This book was released on 2010 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine an implication of the 'Coase Theorem' which has had an important impact both on environmental economics and on public policy in the environmental domain. Under certain conditions, the market equilibrium in a cap-and-trade system will be cost-effective and independent of the initial allocation of tradable rights. That is, the overall cost of achieving a given aggregate emission reduction will be minimized, and the final allocation of permits will be independent of the initial allocation. We call this the independence property. This property is very important because it allows equity and efficiency concerns to be separated in a relatively straightforward manner. In particular, the property means that the government can establish the overall pollution-reduction goal for a cap-and-trade system by setting the cap, and leave it up to the legislature - such as the U.S. Congress - to construct a constituency in support of the program by allocating the allowances to various interests without affecting either the environmental performance of the system or its aggregate social costs. Our primary objective in this paper is to examine the conditions under which the independence property is likely to hold - both in theory and in practice. A number of factors can call the independence property into question theoretically, including market power, transaction costs, non-cost-minimizing behavior, and conditional allowance allocations. We find that, in practice, there is support for the independence property in some, but not all cap-and-trade applications -- National Bureau of Economic Research web site.
Book Synopsis The effect of allowance allocations on cap-and-trade system performance by : Robert W. Hahn
Download or read book The effect of allowance allocations on cap-and-trade system performance written by Robert W. Hahn and published by . This book was released on 2010 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine an implication of the "Coase Theorem" which has had an important impact both on environmental economics and on public policy in the environmental domain. Under certain conditions, the market equilibrium in a cap-and-trade system will be cost-effective and independent of the initial allocation of tradable rights. That is, the overall cost of achieving a given aggregate emission reduction will be minimized, and the final allocation of permits will be independent of the initial allocation. We call this the independence property. This property is very important because it allows equity and efficiency concerns to be separated in a relatively straightforward manner. In particular, the property means that the government can establish the overall pollution-reduction goal for a cap-and-trade system by setting the cap, and leave it up to the legislature - such as the U.S. Congress - to construct a constituency in support of the program by allocating the allowances to various interests without affecting either the environmental performance of the system or its aggregate social costs. Our primary objective in this paper is to examine the conditions under which the independence property is likely to hold - both in theory and in practice. A number of factors can call the independence property into question theoretically, including market power, transaction costs, non-cost-minimizing behavior, and conditional allowance allocations. We find that, in practice, there is support for the independence property in some, but not all cap-and-trade applications.
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 Global Carbon Pricing by : Peter Cramton
Download or read book Global Carbon Pricing written by Peter Cramton and published by MIT Press. This book was released on 2017-06-16 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why the traditional “pledge and review” climate agreements have failed, and how carbon pricing, based on trust and reciprocity, could succeed. After twenty-five years of failure, climate negotiations continue to use a “pledge and review” approach: countries pledge (almost anything), subject to (unenforced) review. This approach ignores everything we know about human cooperation. In this book, leading economists describe an alternate model for climate agreements, drawing on the work of the late Nobel laureate Elinor Ostrom and others. They show that a “common commitment” scheme is more effective than an “individual commitment” scheme; the latter depends on altruism while the former involves reciprocity (“we will if you will”). The contributors propose that global carbon pricing is the best candidate for a reciprocal common commitment in climate negotiations. Each country would commit to placing charges on carbon emissions sufficient to match an agreed global price formula. The contributors show that carbon pricing would facilitate negotiations and enforcement, improve efficiency and flexibility, and make other climate policies more effective. Additionally, they analyze the failings of the 2015 Paris climate conference. Contributors Richard N. Cooper, Peter Cramton, Ottmar Edenhofer, Christian Gollier, Éloi Laurent, David JC MacKay, William Nordhaus, Axel Ockenfels, Joseph E. Stiglitz, Steven Stoft, Jean Tirole, Martin L. Weitzman
Book Synopsis Permit Trading in Different Applications by : Bernd Hansjürgens
Download or read book Permit Trading in Different Applications written by Bernd Hansjürgens and published by Routledge. This book was released on 2011-06-16 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: Permit trading is an environmental policy instrument that has received increasing levels of attention over recent years. Coming from the field of air quality management, with the European CO2 emissions trading system being the most prominent example, it enters new fields of application, such as land use policy and biodiversity protection, water quality and water quantity trading. This book gives an overview of these recent developments and discusses the possibilities and limits of permit trading in environmental policies. The advantages of permit trading are not only seen with respect to economic efficiency, which leads to achieving the environmental target at minimum cost, but also with respect to the instrument’s environmental effectiveness. By setting a cap for the overall emissions, a given environmental target can be met. This makes permit trading an interesting case for many environmental fields where safeguarding the environmental target plays a dominant role. Against this background, permit trading is discussed in environmental policy fields, where it has not been considered before, for example, land use management, biodiversity protection and water trading. Permit Trading in Different Applications analyses the properties of permit trading: its possibilities and limitations, its design options and its restrictions on a more general level. It demonstrates how lessons learnt in established policy fields like air quality management can be transferred to new and emerging fields of application. This collection will provide students and practitioners in environmental sciences and policy with valuable research into instrument choice and design with respect to permit trading.
Book Synopsis Emissions Trading as a Policy Instrument by : Marc Gronwald
Download or read book Emissions Trading as a Policy Instrument written by Marc Gronwald and published by MIT Press. This book was released on 2015-07-10 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emissions trading schemes figure prominently among policy instruments used to tackle the problem of climate change, and the European Union Emissions Trading Scheme (EU ETS), begun in 2005, is the largest cap-and-trade market so far established. In the EU ETS, firms regulated by the scheme are provided with emissions allowances (each a one-time right to emit one ton of greenhouse gases) and can sell their unused allowances to firms that have higher rates of emissions. In this volume, leading economists offer empirical and theoretical perspectives on the early phases of the EU ETS implementation. The contributors discuss the features of the EU ETS market; and regulatory uncertainty stemming from rule changes; the political economy context of the trading scheme, including allowance allocation and the influence of lobbying on abatement decisions; the coexistence of such overlapping instruments for climate policy as pricing and taxation; the relationship between spot and futures markets for allowances, and firms' responses to various features of the EU ETS, including fluctuating allowance prices, free allocation, and links to the Kyoto process. They show that, although the basic theory behind emissions permit markets is straightforward, design features, market structure, and interactions with other policy instruments can influence the efficiency of the scheme.--
Book Synopsis Managing Climate Risk in the U.S. Financial System by : Leonardo Martinez-Diaz
Download or read book Managing Climate Risk in the U.S. Financial System written by Leonardo Martinez-Diaz and published by U.S. Commodity Futures Trading Commission . This book was released on 2020-09-09 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication serves as a roadmap for exploring and managing climate risk in the U.S. financial system. It is the first major climate publication by a U.S. financial regulator. The central message is that U.S. financial regulators must recognize that climate change poses serious emerging risks to the U.S. financial system, and they should move urgently and decisively to measure, understand, and address these risks. Achieving this goal calls for strengthening regulators’ capabilities, expertise, and data and tools to better monitor, analyze, and quantify climate risks. It calls for working closely with the private sector to ensure that financial institutions and market participants do the same. And it calls for policy and regulatory choices that are flexible, open-ended, and adaptable to new information about climate change and its risks, based on close and iterative dialogue with the private sector. At the same time, the financial community should not simply be reactive—it should provide solutions. Regulators should recognize that the financial system can itself be a catalyst for investments that accelerate economic resilience and the transition to a net-zero emissions economy. Financial innovations, in the form of new financial products, services, and technologies, can help the U.S. economy better manage climate risk and help channel more capital into technologies essential for the transition. https://doi.org/10.5281/zenodo.5247742
