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From SO2 to Greenhouse Gases: Trends and Events Shaping Future Emissions Trading Programs in the United States

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  • Kruger, Joseph
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    Abstract

    Cap-and-trade programs have become widely accepted for the control of conventional air pollution in the United States. However, there is still no political consensus to use these programs to address greenhouse gases. Meanwhile, in the wake of the success of the U.S. SO2 and NOx trading programs, private companies, state governments, and the European Union are developing new trading programs or other initiatives that may set precedents for a future national U.S. greenhouse gas trading scheme. This paper summarizes the literature on the “lessons learned” from the SO2 trading program for greenhouse gas trading, including lessons about the potential differences in design that may be necessary because of the different sources, science, mitigation options, and economics inherent in greenhouse gases. The paper discusses how the programs and initiatives mentioned above have been shaped by lessons from past trading programs and whether they are making changes to the SO2 model to address greenhouse gases. Finally, the paper concludes with an assessment of the implications of these initiatives for a future U.S. national greenhouse gas trading program.

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    Bibliographic Info

    Paper provided by Resources For the Future in its series Discussion Papers with number dp-05-20.

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    Date of creation: 28 Jun 2005
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    Handle: RePEc:rff:dpaper:dp-05-20

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    Related research

    Keywords: climate change; emissions trading; European Union; U.S. states; corporate environmentalism;

    This paper has been announced in the following NEP Reports:

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    1. Lyon,Thomas P. & Maxwell,John W., 2004. "Corporate Environmentalism and Public Policy," Cambridge Books, Cambridge University Press, number 9780521819473, October.
    2. Ian W.H. Parry & Michael Toman, 2002. "Early Emission Reduction Programs: An Application to CO2 Policy," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 73-95.
    3. Goulder, Lawrence & Bovenberg, A. Lans, 2000. "Neutralizing the Adverse Industry Impacts of CO2 Abatement Policies: What Does It Cost?," Discussion Papers dp-00-27, Resources For the Future.
    4. Stavins, Robert N., 2003. "Experience with market-based environmental policy instruments," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 1, chapter 9, pages 355-435 Elsevier.
    5. Ellerman,A. Denny & Joskow,Paul L. & Schmalensee,Richard & Montero,Juan-Pablo & Bailey,Elizabeth M., 2000. "Markets for Clean Air," Cambridge Books, Cambridge University Press, number 9780521660839, October.
      • Ellerman,A. Denny & Joskow,Paul L. & Schmalensee,Richard & Montero,Juan-Pablo & Bailey,Elizabeth M., 2005. "Markets for Clean Air," Cambridge Books, Cambridge University Press, number 9780521023894, October.
    6. Newell, Richard & Anderson, Soren, 2003. "Prospects for Carbon Capture and Storage Technologies," Discussion Papers dp-02-68, Resources For the Future.
    7. Pizer, William A., 2002. "Combining price and quantity controls to mitigate global climate change," Journal of Public Economics, Elsevier, vol. 85(3), pages 409-434, September.
    8. Burtraw, Dallas & Krupnick, Alan & Austin, David & Farrell, Deirdre & Mansur, Erin, 1997. "The Costs and Benefits of Reducing Acid Rain," Discussion Papers dp-97-31-rev, Resources For the Future.
    9. Carlo Carraro & Gilbert E. Metcalf, 2001. "Behavioral and Distributional Effects of Environmental Policy," NBER Books, National Bureau of Economic Research, Inc, number carr01-1, October.
    10. Akhurst, Mark & Morgheim, Jeff & Lewis, Rachel, 2003. "Greenhouse gas emissions trading in BP," Energy Policy, Elsevier, vol. 31(7), pages 657-663, June.
    11. Kerr, Suzi & Cramton, Peter, 1998. "Tradable Carbon Permit Auctions: How and Why to Auction Not Grandfather," Discussion Papers dp-98-34, Resources For the Future.
    12. Kruger, Joseph, 2005. "Companies and Regulators in Emissions Trading Programs," Discussion Papers dp-05-03, Resources For the Future.
    13. Dallas Burtraw & Alan Krupnick & Erin Mansur & David Austin & Deirdre Farrell, 1998. "Costs And Benefits Of Reducing Air Pollutants Related To Acid Rain," Contemporary Economic Policy, Western Economic Association International, vol. 16(4), pages 379-400, October.
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    15. David J. Vogel & Michael W. Toffel & Diahanna Post & Nazli Z. Uludere Aragon, 2010. "Environmental Federalism in the European Union and the United States," Harvard Business School Working Papers 10-085, Harvard Business School.
    16. Robert N. Stavins, 1998. "What Can We Learn from the Grand Policy Experiment? Lessons from SO2 Allowance Trading," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 69-88, Summer.
    17. Tom Tietenberg, 2003. "The Tradable-Permits Approach to Protecting the Commons: Lessons for Climate Change," Oxford Review of Economic Policy, Oxford University Press, vol. 19(3), pages 400-419.
    18. Kolk, Ans & Pinkse, Jonatan, 2004. "Market Strategies for Climate Change," European Management Journal, Elsevier, vol. 22(3), pages 304-314, June.
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