Three Lingering Design Issues Affecting Market Performance in California's GHG Cap-and-Trade Program PDF Download
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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.
Author: Todd Schatzki
Publisher:
ISBN:
Category :
Languages : en
Pages : 16
Get Book Here
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.
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: Dara O'Rourke
Publisher: MIT Press
ISBN: 9780262650649
Category : Architecture
Languages : en
Pages : 324
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Book Description
Case studies of community action in Vietnam form the basis for a new policy model for pollution control in developing countries.
Author: Leonardo Martinez-Diaz
Publisher: U.S. Commodity Futures Trading Commission
ISBN: 057874841X
Category : Science
Languages : en
Pages : 196
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Book Description
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
Author: Carmen Milanes (Environmentalist)
Publisher:
ISBN:
Category : Climatic changes
Languages : en
Pages : 0
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Book Description
Author: Ellen Hanak
Publisher: Public Policy Instit. of CA
ISBN: 1582131414
Category : Business & Economics
Languages : en
Pages : 500
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Book Description
Author: Andrew J. Hoffman
Publisher:
ISBN:
Category : Climatic changes
Languages : en
Pages : 138
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Book Description
This report serves as a "how to" guide for corporate decision makers as they navigate rapidly-changing global markets. The report presents an in-depth look at the development and implementation of corporate strategies that take into account climate-related risks and opportunities. The report is comprised of two main sections: 1. The Synthesis Report lays out a step-by-step approach for incorporating climate change into corporate strategies and is primarily based on results from a 100-question survey completed by 31 companies. 2. The Case Studies section features the lessons learned at each step of the strategy development process by these six companies: Cinergy (now Duke Energy), Swiss Re, DuPont, Alcoa, The Shell Group, Whirlpool Corporation.
Author: Matthew J. Kotchen
Publisher: University of Chicago Press
ISBN: 0226821749
Category : Business & Economics
Languages : en
Pages : 275
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Book Description
This volume presents six new papers on environmental and energy economics and policy in the United States. Rebecca Davis, J. Scott Holladay, and Charles Sims analyze recent trends in and forecasts of coal-fired power plant retirements with and without new climate policy. Severin Borenstein and James Bushnell examine the efficiency of pricing for electricity, natural gas, and gasoline. James Archsmith, Erich Muehlegger, and David Rapson provide a prospective analysis of future pathways for electric vehicle adoption. Kenneth Gillingham considers the consequences of such pathways for the design of fuel vehicle economy standards. Frank Wolak investigates the long-term resource adequacy in wholesale electricity markets with significant intermittent renewables. Finally, Barbara Annicchiarico, Stefano Carattini, Carolyn Fischer, and Garth Heutel review the state of research on the interactions between business cycles and environmental policy.
Author: U.S. Global Change Research Program
Publisher: Cambridge University Press
ISBN: 0521144078
Category : Business & Economics
Languages : en
Pages : 193
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Book Description
Summarizes the science of climate change and impacts on the United States, for the public and policymakers.
Author: Barry Leonard
Publisher: DIANE Publishing
ISBN: 0756733510
Category : Science
Languages : en
Pages : 161
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Book Description
In the 21st century, management of municipal solid waste (MSW) continues to be an important environmental challenge facing the U.S. Climate change is also a serious issue, & the U.S. is embarking on a number of voluntary actions to reduce the emissions of greenhouse gases (GHGs) that can intensify climate change. By presenting material-specific GHG emission factors for various waste management options, this report examines how the two issues -- MSW management & climate change -- are related. The report's findings may be used to support a variety of programs & activities, including voluntary reporting of emission reductions from waste management practices. Charts, tables & graphs.
