Has California's Cap-and-Trade Caused a Reduction in Greenhouse Gas Emissions: A Firm-Level Analysis PDF Download
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Author: Brendan Gerard Timmons
Publisher:
ISBN:
Category : Climatic changes
Languages : en
Pages : 222
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Book Description
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.
Author: Brendan Gerard Timmons
Publisher:
ISBN:
Category : Climatic changes
Languages : en
Pages : 222
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Book Description
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.
Author:
Publisher:
ISBN:
Category : Climatic changes
Languages : en
Pages : 23
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Book Description
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.
Author: Robert N. Stavins
Publisher:
ISBN:
Category : Climatic changes
Languages : en
Pages : 62
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Book Description
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.
Author:
Publisher:
ISBN:
Category : Climatic changes
Languages : en
Pages : 488
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Book Description
Author:
Publisher: World Business Pub.
ISBN: 9781569735688
Category : Business enterprises
Languages : en
Pages : 0
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Book Description
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.
Author: Eric Marland
Publisher: Springer
ISBN: 3319524348
Category : Science
Languages : en
Pages : 84
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Book Description
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.
Author: Tseming Yang
Publisher:
ISBN:
Category :
Languages : en
Pages : 7
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Book Description
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.
Author: Terry Dinan
Publisher: DIANE Publishing
ISBN: 1437901492
Category : Science
Languages : en
Pages : 41
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Book Description
Climate change has emerged as an important public policy issue, although the prospects for an internat. agree. on climate policy are unclear. Many people have proposed plans to encourage or require cuts in the U.S. emissions of carbon dioxide, which affect the Earth¿s climate. This study examines 4 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 co¿s. with econ. incentives to reach that cap at the lowest possible cost. This study evaluates the 4 proposals using various criteria, including ease of implementation, degree of certainty about achieving the target level of emissions, cost-effectiveness, and distributional effects. Ill.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 38
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Book Description
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.
Author: Todd Schatzki
Publisher:
ISBN:
Category :
Languages : en
Pages : 16
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Book Description
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.
