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Addressing Climate Change with a Comprehensive U.S. Cap-and-Trade System

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  • Stavins, Robert

    (Harvard U and Resources for the Future)

Abstract

There is growing impetus for a domestic U.S. climate policy that can provide meaningful reductions in emissions of CO2 and other greenhouse gases. I describe and analyze an up-stream, economy-wide CO2 cap-and-trade system which implements a gradual trajectory of emissions reductions (with inclusion over time of non-CO2 greenhouse gases), and includes mechanisms to reduce cost uncertainty. Initially, half of the allowances are allocated through auction and half through free distribution, with the share being auctioned gradually increasing to 100 percent over 25 years. The system provides for linkage with emission reduction credit projects in other countries, harmonization over time with effective cap-and-trade systems in other countries and regions, and appropriate linkage with actions taken in other countries, in order to establish a level playing field among domestically produced and imported products.

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Bibliographic Info

Paper provided by Harvard University, John F. Kennedy School of Government in its series Working Paper Series with number rwp07-053.

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Date of creation: Nov 2007
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Handle: RePEc:ecl:harjfk:rwp07-053

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References

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  1. Burtraw, Dallas & Krupnick, Alan & Austin, David & Farrell, Deirdre & Mansur, Erin, 1997. "The Costs and Benefits of Reducing Acid Rain," Discussion Papers, Resources For the Future dp-97-31-rev, Resources For the Future.
  2. Lubowski, Ruben N. & Plantinga, Andrew J. & Stavins, Robert N., 2006. "Land-use change and carbon sinks: Econometric estimation of the carbon sequestration supply function," Journal of Environmental Economics and Management, Elsevier, vol. 51(2), pages 135-152, March.
  3. Stavins, Robert & Newell, Richard, 2000. "Cost Heterogeneity and the Potential Savings from Market-Based Policies," Discussion Papers, Resources For the Future dp-00-10-rev, Resources For the Future.
  4. Burtraw, Dallas & Palmer, Karen & Cropper, Maureen & Carlson, Curtis, 1998. "Sulfur-Dioxide Control By Electric Utilities: What Are the Gains from Trade?," Discussion Papers, Resources For the Future dp-98-44-rev, Resources For the Future.
  5. Kerr, Suzi & Newell, Richard, 2001. "Policy-Induced Technology Adoption: Evidence from the U.S. Lead Phasedown," Discussion Papers, Resources For the Future dp-01-14, Resources For the Future.
  6. Robert N. Stavins, 1999. "The Costs of Carbon Sequestration: A Revealed-Preference Approach," American Economic Review, American Economic Association, American Economic Association, vol. 89(4), pages 994-1009, September.
  7. Stavins, Robert, 2007. "A U.S. Cap-and-Trade System to Address Global Climate Change," Working Paper Series, Harvard University, John F. Kennedy School of Government rwp07-052, Harvard University, John F. Kennedy School of Government.
  8. Jaffe, Adam B. & Newell, Richard G. & Stavins, Robert N., 2005. "A tale of two market failures: Technology and environmental policy," Ecological Economics, Elsevier, Elsevier, vol. 54(2-3), pages 164-174, August.
  9. Farrell, Alex & Carter, Robert & Raufer, Roger, 1999. "The NOx Budget: market-based control of tropospheric ozone in the northeastern United States," Resource and Energy Economics, Elsevier, Elsevier, vol. 21(2), pages 103-124, May.
  10. Pizer, William, 2005. "Climate Policy Design Under Uncertainty," Discussion Papers, Resources For the Future dp-05-44, Resources For the Future.
  11. Stavins, Robert, 2005. "Vintage-Differentiated Environmental Regulation," Working Paper Series, Harvard University, John F. Kennedy School of Government rwp05-065, Harvard University, John F. Kennedy School of Government.
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Cited by:
  1. Stranlund, John K. & Moffitt, L. Joe, 2014. "Enforcement and price controls in emissions trading," Journal of Environmental Economics and Management, Elsevier, vol. 67(1), pages 20-38.
  2. Robert N. Stavins, 2010. "The Problem of the Commons: Still Unsettled After 100 Years," NBER Working Papers 16403, National Bureau of Economic Research, Inc.
  3. Corrado Di Maria & Barry Anderson & Frank Convery, 2009. "Abatement and Allocation in the Pilot Phase of the EU ETS," Working Papers, Fondazione Eni Enrico Mattei 2009.110, Fondazione Eni Enrico Mattei.
  4. Robert, Christopher LeBaron & Zeckhauser, Richard Jay, 2010. "The Methodology of Positive Policy Analysis," Scholarly Articles 4450129, Harvard Kennedy School of Government.
  5. Karp, Larry & Zhao, Jinhua, 2012. "International Environmental Agreements: Emissions trade, safety valves and escape clauses," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series, Department of Agricultural & Resource Economics, UC Berkeley qt1rs9r7z9, Department of Agricultural & Resource Economics, UC Berkeley.
  6. Claudia Kettner & Daniela Kletzan-Slamanig & Angela Köppl & Thomas Schinko & Andreas Türk, 2011. "ETCLIP – The Challenge of the European Carbon Market: Emission Trading, Carbon Leakage and Instruments to Stabilise the CO2 Price. Price Volatility in Carbon Markets: Why it Matters and How it Can b," WIFO Working Papers, WIFO 409, WIFO.
  7. Karp, Larry & Zhao, Jinhua, 2008. "A proposal for the design of the successor to the Kyoto protocol," CUDARE Working Paper Series, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy 1065, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy.
  8. Christopher, Robert & Zeckhauser, Richard Jay, 2011. "The Methodology of Normative Policy Analysis," Scholarly Articles 4669672, Harvard Kennedy School of Government.
  9. Michael I. Cragg & Matthew E. Kahn, 2009. "Carbon Geography: The Political Economy of Congressional Support for Legislation Intended to Mitigate Greenhouse Gas Production," NBER Working Papers 14963, National Bureau of Economic Research, Inc.
  10. Higgins, Paul A.T., 2013. "Frameworks for pricing greenhouse gas emissions and the policy objectives they promote," Energy Policy, Elsevier, Elsevier, vol. 62(C), pages 1301-1308.
  11. John DeCicco, 2012. "Biofuels and carbon management," Climatic Change, Springer, Springer, vol. 111(3), pages 627-640, April.

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