Cap and Trade
Lesley K. McAllister
University of California, Davis - School of Law
September 25, 2012
This chapter focuses on the practice and prospects of using cap and trade in the United States to reduce greenhouse gases. Part II explains the elements of a cap-and-trade program and discusses their associated regulatory design issues. This part provides the conceptual background to understand the cap-and-trade programs described and analyzed in the remaining parts of the chapter. Part III describes two large-scale programs that moved cap and trade from theory to practice: the U.S. Acid Rain Program and the EU Emissions Trading Scheme. Part IV turns to cap-and-trade programs to reduce greenhouse gas emissions in the United States. Major programs have been implemented by states and groups of states, and many proposals exist for the establishment of a federal program either through new legislation or under the U.S. Clean Air Act.
Number of Pages in PDF File: 28
Keywords: emissions trading, greenhouse gases, cap, allowance allocation, banking, offsets, price collars, enforcement, linking
JEL Classification: K32working papers series
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