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Regional carbon dioxide permit trading in the United States: coalition choices for Pennsylvania

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  • Rose, Adam
  • Peterson, Thomas D.
  • Zhang, ZhongXiang

Abstract

An overview is given of the growing number of regional associations in which states have entered into voluntary arrangements to limit greenhouse gas (GHG) emissions. In particular, in the Regional Greenhouse Gas Initiative (RGGI), a number of northeastern states have joined to create a regional GHG cap and trade program, beginning with the utility industry. Analysis is made of the five key issues relating to these current and potential climate action associations: the extent of the total and individual state mitigation cost-savings across all sectors from potential emission permit trading coalitions; the size of permit markets associated with the various coalitions; the relative advantages of joining various coalitions for swing states such as Pennsylvania; the implications of the exercise of market power in the permit market; and the total and individual state/country cost-savings from extending the coalition beyond US borders. It is shown that overall efficiency gains from trading with a system of flexible state caps, with greater overall cost savings increasing with increasing geographic scope.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13547.

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Date of creation: Feb 2006
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Handle: RePEc:pra:mprapa:13547

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Related research

Keywords: Regional Greenhouse Gas Initiative; Cap and trade program; Market power in the permit market; Mitigation costs; The size of permit market; Coalition choices for Pennsylvania;

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References

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  1. Zhang, ZhongXiang, 1998. "Greenhouse gas emissions trading and the world trading system," MPRA Paper 12971, University Library of Munich, Germany.
  2. Andreas Löschel & Zhong Zhang, 2002. "The economic and environmental implications of the US repudiation of the kyoto protocol and the subsequent deals in Bonn and Marrakech," Review of World Economics (Weltwirtschaftliches Archiv), Springer, Springer, vol. 138(4), pages 711-746, December.
  3. Adam Rose & Zhong Zhang, 2004. "Interregional burden-sharing of greenhouse gas mitigation in the United States," Mitigation and Adaptation Strategies for Global Change, Springer, Springer, vol. 9(4), pages 477-500, October.
  4. Stevens, Brandt & Rose, Adam, 2002. "A Dynamic Analysis of the Marketable Permits Approach to Global Warming Policy: A Comparison of Spatial and Temporal Flexibility," Journal of Environmental Economics and Management, Elsevier, vol. 44(1), pages 45-69, July.
  5. Adam Rose & Brandt Stevens, 2001. "An Economic Analysis of Flexible Permit Trading in the Kyoto Protocol," International Environmental Agreements: Politics, Law and Economics, Springer, Springer, vol. 1(2), pages 219-242, April.
  6. Adam Rose & Gbadebo Oladosu, 2002. "Greenhouse Gas Reduction Policy in the United States: Identifying Winners and Losers in an Expanded Permit Trading System," The Energy Journal, International Association for Energy Economics, International Association for Energy Economics, vol. 0(Number 1), pages 1-18.
  7. ZhongXiang Zhang, 2000. "The design and implementation of an international trading scheme for greenhouse gas emissions," Environment and Planning C: Government and Policy, Pion Ltd, London, Pion Ltd, London, vol. 18(3), pages 321-337, June.
  8. Rose, Adam & Stevens, Brandt, 1993. "The efficiency and equity of marketable permits for CO2 emissions," Resource and Energy Economics, Elsevier, Elsevier, vol. 15(1), pages 117-146, March.
  9. Adam Rose & Brandt Stevens & Jae Edmonds & Marshall Wise, 1998. "International Equity and Differentiation in Global Warming Policy," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 12(1), pages 25-51, July.
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Citations

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Cited by:
  1. Fabio Antoniou & Panos Hatzipanayotou & Phoebe Koundouri, 2010. "Tradable Permits vs Ecological Dumping," Environmental Economy and Policy Research Working Papers, University of Cambridge, Department of Land Economics 50.2010, University of Cambridge, Department of Land Economics, revised 2010.
  2. Zhang, Zhong Xiang, 2012. "Competitiveness and Leakage Concerns and Border Carbon Adjustments," International Review of Environmental and Resource Economics, now publishers, vol. 6(3), pages 225-287, December.
  3. Peterson, Thomas D. & Rose, Adam Z., 2006. "Reducing conflicts between climate policy and energy policy in the US: The important role of the states," Energy Policy, Elsevier, Elsevier, vol. 34(5), pages 619-631, March.

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