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'Offsetting' Crisis? - Climate Change Cap and Trade Need Not Contribute to Another Financial MeltdownVictor Byers FlattUNC Chapel Hill School of Law; University of Houston Global Energy Management Institute February 1, 2012 Pepperdine Law Review, Vol. 39, No. 619, 2012 UNC Legal Studies Research Paper No. 2042639 Abstract: In 2009, the promise of a comprehensive federal cap and trade bill to address climate change fell apart. At least in part, this was due to the fears that exotic 'carbon' financial instruments might cause more financial crises. As California launches it economy wide carbon trading system, and other regional systems and the even possibly the EPA consider cap and trade, it is important to revisit what, if anything, about carbon denominated financial instruments might lead to financial market problems. The most problematic of the instruments, offsets, can be designed to lessen financial risk from underlying asset failure.
Number of Pages in PDF File: 26 Keywords: carbon trading, greenhouse gases, climate change, AB32, cap and trade, offsets, environment, environmental justice, environmental law, offsets, financial crisis, commodity, commodity trading JEL Classification: D44, D61, D63, G12, G14, G18, H11, H23, K22, K23, K32, L51, M21, O13, Q20, Q4, Q40 Accepted Paper SeriesDate posted: April 19, 2012Suggested CitationContact Information
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