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Статті в журналах з теми "And the Californian Cap and Trade Program"

Автор: Grafiati

Опубліковано: 10 січня 2023

Оновлено: 28 січня 2023

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1

Alcorn, Thomas. "The Constitutionality of California's Cap-and-Trade Program and Recommendations for Design of Future State Programs." Michigan Journal of Gender & Law, no. 3.1 (2013): 87. http://dx.doi.org/10.36641/mjeal.3.1.constitutionality.

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Global climate change has emerged as one of the greatest challenges of our time. While action has stalled on the national stage, states have started to take action to reduce their greenhouse gas emissions. Confronted with the risk of severe impacts that could cost it tens of billions of dollars annually by the end of the century, California has taken the lead and developed the first comprehensive cap-and-trade program in the nation and seeks to achieve significant reductions in the greenhouse gas emissions associated with its economy. The success of California’s program will determine whether other states and the federal government follow California’s lead. If California’s cap-and-trade program is defeated by legal challenges or is excessively economically burdensome, it might spell the end of cap-and-trade programs in the United States. The most formidable legal challenge will be brought under the dormant Commerce Clause, which prohibits states from discriminating against, regulating, or unduly burdening interstate commerce. This Article analyzes California’s cap-and-trade program under the dormant Commerce Clause and suggests refinements that could be adopted by California or other states implementing cap-and-trade programs to improve the odds of prevailing against such a challenge. While California will almost certainly be forced to make regulatory concessions, especially in its regulation of the electricity sector, I conclude that state cap-and-trade programs can be structured in a way that, while not ideal, can survive dormant Commerce Clause scrutiny while providing meaningful regulation of greenhouse gas emissions and protection from emissions leakage.

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2

Edwin Woerdman and Manolis Kotzampasakis. "Linking the EU ETS with California’s Cap-and-Trade Program." Central European Review of Economics and Management 4, no. 4 (December 17, 2020): 9–45. http://dx.doi.org/10.29015/cerem.898.

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Aim: This paper aims to evaluate the legal barriers and policy obstacles to linking the European Union Emissions Trading System (EU ETS) with California’s Cap-and-Trade Program in the United States, and to identify potential legal solutions to overcome them, by taking a law and economics perspective. Design / research methods: A qualitative law and economics analysis is performed by combining the legal-dogmatic method with insights from economic theory. Primary sources are the respective legal frameworks, ETS regulations, past linking agreements and relevant case law. Secondary sources include the relevant legal and economic literature, as well as policy documents, reports and press releases. Conclusions / findings: An EU-California linkage of emissions trading systems (ETSs) is legally feasible on the basis of an informal agreement, through reciprocal amendments to the respective ETS-regulations. Potential barriers could emerge, in particular from misaligned provisions regarding price containment measures and offsets. A gradual implementation of certain mutually beneficial ETS reforms, possibly in conjunction with initially restricted linkage, can provide momentum for transcending these barriers. Originality / value of the article: To date, no linking has taken place between emissions trading systems from different continents. This paper contributes to the legal-economic literature on linking the EU ETS with California’s Cap-and-Trade Program by performing an up-to-date analysis of its associated barriers and by providing concrete legal suggestions to possibly overcome them. Such a transatlantic linkage could enhance the cost-effectiveness of climate policy and contribute to the bottom-up expansion of carbon markets worldwide.

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3

Fowlie, Meredith, Stephen P. Holland, and Erin T. Mansur. "What Do Emissions Markets Deliver and to Whom? Evidence from Southern California's NOx Trading Program." American Economic Review 102, no. 2 (April 1, 2012): 965–93. http://dx.doi.org/10.1257/aer.102.2.965.

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An advantage of cap-and-trade programs over more prescriptive environmental regulation is that compliance flexibility and cost effectiveness can make more stringent emissions reductions politically feasible. However, when markets (versus regulators) determine where emissions occur, it becomes more difficult to assure that mandated emissions reductions are equitably achieved. We investigate these issues in the context of Southern California's RECLAIM program by matching facilities in RECLAIM with similar California facilities also in nonattainment areas. Our results indicate that average emissions fell 20 percent at RECLAIM facilities relative to our counterfactual. Furthermore, observed changes in emissions do not vary significantly with neighborhood demographic characteristics. (JEL H23, L51, Q53, Q58)

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4

Schmitz, Marissa Bongiovanni, and Erin Clover Kelly. "Ecosystem Service Commodification: Lessons from California." Global Environmental Politics 16, no. 4 (November 2016): 90–110. http://dx.doi.org/10.1162/glep_a_00374.

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In 2013 the state of California launched a cap-and-trade program with a groundbreaking protocol for improved forest management (IFM), providing a framework to monetize carbon sequestration in managed forests. Through in-depth interviews and document review, this research examines California's IFM program development as a case study in stakeholder-engaged ecosystem commodification. We consider how diverse, vested-interest actors contested rival program design options by using the familiar narratives of ecological modernization, green governmentality, and civic environmentalism. The results reveal the benefits and complexities of delegating methodological design to stakeholders who seek direct participation in the market, and highlight the challenges of balancing multiple program objectives, including environmental benefits, legitimacy and market reception, and landowner participation potential. This research provides a unique window into the complex process of forest-offset program design and offers broader lessons for ecosystem markets currently being designed and implemented globally.

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5

Friedman, Lee S. "Should California Include Motor Vehicle Fuel Emissions in a Greenhouse Gas Cap-and-Trade Program?" Journal of Comparative Policy Analysis: Research and Practice 12, no. 3 (June 2010): 217–50. http://dx.doi.org/10.1080/13876981003714552.

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6

Cushing, Lara, Dan Blaustein-Rejto, Madeline Wander, Manuel Pastor, James Sadd, Allen Zhu, and Rachel Morello-Frosch. "Carbon trading, co-pollutants, and environmental equity: Evidence from California’s cap-and-trade program (2011–2015)." PLOS Medicine 15, no. 7 (July 10, 2018): e1002604. http://dx.doi.org/10.1371/journal.pmed.1002604.

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7

Moghavem, Nuriel. "The California Cap-and-Trade Program: A Model Policy for Promoting Environmental Justice Using Accountability for Reasonableness." American Journal of Bioethics 18, no. 3 (February 21, 2018): 57–59. http://dx.doi.org/10.1080/15265161.2017.1418935.

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8

Song, Jae-Do, and Young-Hwan Ahn. "Cognitive Bias in Emissions Trading." Sustainability 11, no. 5 (March 5, 2019): 1365. http://dx.doi.org/10.3390/su11051365.

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This study investigates whether cognitive biases such as the endowment effect and status quo bias occur in emissions trading. Such cognitive biases can serve as a barrier to trade. This study’s survey-based experiments, which include hypothetical emissions trading scenarios, show that the endowment effect does occur in emissions trading. The status quo bias occurs in only one of the three experiments. This study also investigates whether accumulation of experience can reduce cognitive bias as discovered preference hypothesis expects. The results indicate that practitioners who are supposed to have more experience show no evidence of having less cognitive bias. Contrary to the conventional expectation, the practitioners show significantly higher level of endowment effect than students and only the practitioners show a significant status quo bias. A consignment auction situation, which is used in California’s cap-and-trade program, is also tested; no significant difference between general permission trading and consignment auctions is found.

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9

Olson, A., C. K. Woo, N. Schlag, and A. Ong. "What happens in California does not always stay in California: The effect of California’s cap-and-trade program on wholesale electricity prices in the Western Interconnection." Electricity Journal 29, no. 7 (September 2016): 18–22. http://dx.doi.org/10.1016/j.tej.2016.08.003.

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10

Pauer, Stefan U. "Including electricity imports in California’s cap-and-trade program: A case study of a border carbon adjustment in practice." Electricity Journal 31, no. 10 (December 2018): 39–45. http://dx.doi.org/10.1016/j.tej.2018.11.005.

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11

Hahn, Robert W., and Robert D. Metcalfe. "Efficiency and Equity Impacts of Energy Subsidies." American Economic Review 111, no. 5 (May 1, 2021): 1658–88. http://dx.doi.org/10.1257/aer.20180441.

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Economic theory suggests that energy subsidies can lead to excessive consumption and environmental degradation. However, the precise impact of energy subsidies is not well understood. We analyze a large energy subsidy: the California Alternate Rates for Energy (CARE). CARE provides a price reduction for low-income consumers of natural gas and electricity. Using a natural field experiment, we estimate the price elasticity of demand for natural gas to be about −0.35 for CARE customers. An economic model of this subsidy yields three results. First, the natural gas subsidy appears to reduce welfare. Second, the economic impact of various policies, such as cap-and-trade, depends on whether prices for various customers move closer to the marginal social cost. Third, benefits to CARE customers need to increase by 6 percent to offset the costs of the program. (JEL C93, D61, H24, L94, L95, L98, Q48)

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12

Bang, Guri, David G. Victor, and Steinar Andresen. "California’s Cap-and-Trade System: Diffusion and Lessons." Global Environmental Politics 17, no. 3 (August 2017): 12–30. http://dx.doi.org/10.1162/glep_a_00413.

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This article investigates the roles of policy diffusion and policy learning in shaping the design of California’s cap-and-trade system. On the surface, it is very similar to other cap-and-trade programs, but in practice many detailed differences reflect active efforts by California policy-makers to avoid flaws that they saw in other systems, such as the EU ETS and the US East Coast’s Regional Greenhouse Gas Initiative. We assess how California’s cap-and-trade system emerged, the significance of policy diffusion, and the lessons for other trading systems by applying two broad sets of theoretical frames—the role of policy diffusion and the role of organized local political concerns. We find that despite the signature status of the trading system, California mostly relies on much less transparent and more costly direct regulation. We also find that California’s cap-and-trade system has developed mostly in its own, special political context, which hampers the feasibility of cross-border trading.

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13

REISCH, MARC. "LIMITED CAP-AND-TRADE PROGRAM." Chemical & Engineering News 88, no. 5 (February 2010): 23. http://dx.doi.org/10.1021/cen-v088n005.p023.

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14

St-Louis, Evelyne, and Adam Millard-Ball. "Cap-and-trade, crowding out, and the implications for municipal climate policy motivations." Environment and Planning C: Government and Policy 34, no. 8 (July 26, 2016): 1693–715. http://dx.doi.org/10.1177/0263774x16636117.

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Cities have emerged as important actors in climate change policy, implementing measures to reduce emissions from transportation, buildings, and waste. More recently, states such as California have implemented cap-and-trade programs to control greenhouse gases. However, a state-level cap handcuffs cities: by fixing emissions at the level of the cap, it precludes local governments from further reducing aggregate emissions. In this paper, we examine whether cities respond to the changed incentives presented by state-level programs. We find no evidence for crowding out: cities plan their emission reductions in similar ways regardless of state-level cap-and-trade programs. Our results suggest that cities likely have a range of motivations for their climate policy efforts- not simply a altruistic desire to improve the global environment.

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15

Benkovic, Stephanie, and Joseph Kruger. "To Trade or Not To Trade? Criteria for Applying Cap and Trade." Scientific World JOURNAL 1 (2001): 953–57. http://dx.doi.org/10.1100/tsw.2001.376.

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The use of emissions trading (cap and trade) is gaining worldwide recognition as an extremely effective policy tool. The U.S. Sulfur Dioxide (SO2) Emissions Trading Program has achieved an unprecedented level of environmental protection in a cost-effective manner. The successful results of the program have led domestic and foreign governments to consider the application of cap and trade to address other air quality issues. Certain analyses are particularly important in determining whether or not cap and trade is an appropriate policy tool. This paper offers a set of questions that can be used as criteria for determining whether or not cap and trade is the preferred policy approach to an environmental problem.

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16

Lo Schiavo, Gianni. "The EU Emission Trading Scheme in Phase III and the New Californian Cap-and-Trade System: A Comparative Assessment." European Energy and Environmental Law Review 21, Issue 3 (June 1, 2012): 106–22. http://dx.doi.org/10.54648/eelr2012009.

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Cap-and-trade schemes are of tremendous interest in the current trends of climate law and policy. Taking into account Phase I and Phase II, the EU ETS directive has been reformed in 2009 and will establish a totally new Phase III starting from 2013 until 2020. The new system will propose a broader material scope, new forms of allocation of allowances, due attention to benchmark free allowances and careful measures to address carbon leakage. Furthermore, the directive sets new forms of market oversight and opens up for stronger relations with other compatible systems. On the other side of the Atlantic, the lack of a US federal cap-and-trade system has not prevented the creation of sub-national or regional cap-and-trade schemes. The Californian cap-and-trade final regulation represents the most interesting and most advanced scheme in the US. It has been eventually adopted in fall 2011 and is designed to reduce GHG emissions by 2020 through a market-based compliance system. The two systems show improvements to earlier forms of emissions trading, but still raise questions on the actual compatibility between each other.

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17

Ujihara, Takehito, Mamoru Taniguchi, and Ryoji Matsunaka. "Interregional Cap AND Trade Program by Using Ecological Footprint." Journal of the City Planning Institute of Japan 43.3 (2008): 877–82. http://dx.doi.org/10.11361/journalcpij.43.3.877.

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18

UJIHARA, Takehito, Mamoru TANIGUCHI, and Ryoji MATSUNAKA. "Interregional Cap & Trade Program by Using Ecological Footprint." Journal of the City Planning Institute of Japan 43 (2008): 147. http://dx.doi.org/10.11361/cpij1.43.0.147.0.

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19

Anouliès, Lisa. "Heterogeneous firms and the environment: a cap-and-trade program." Journal of Environmental Economics and Management 84 (July 2017): 84–101. http://dx.doi.org/10.1016/j.jeem.2017.02.004.

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20

Nishida, Yuko, and Ying Hua. "Motivating stakeholders to deliver change: Tokyo's Cap-and-Trade Program." Building Research & Information 39, no. 5 (October 2011): 518–33. http://dx.doi.org/10.1080/09613218.2011.596419.

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21

Aldy, Joseph E., and Sarah Armitage. "Cost-Effectiveness Implications of Carbon Price Certainty." AEA Papers and Proceedings 110 (May 1, 2020): 113–18. http://dx.doi.org/10.1257/pandp.20201083.

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While a firm knows the carbon price with certainty under a tax, it must form an expectation about future allowance prices to identify its cost-effective abatement investment under a capand-trade program. We illustrate graphically how errors in forming this expectation increase the costs of irreversible pollution abatement investment under cap-and-trade relative to a tax. We describe empirical “cost-effectiveness anomalies” in allowance markets that may be attributed to cap-and-trade's inherent uncertainty. We model investment under simulated US carbon tax and cap-and-trade policies and find that allowance price uncertainty can increase resource costs 20 percent for a given quantity of emission abatement.

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22

Cullenward, Danny, Mason Inman, and Michael D. Mastrandrea. "Tracking banking in the Western Climate Initiative cap-and-trade program." Environmental Research Letters 14, no. 12 (December 6, 2019): 124037. http://dx.doi.org/10.1088/1748-9326/ab50df.

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23

Roessing Neto, Ernesto. "Linking Subnational Climate Change Policies: A Commentary on the California–Acre Process." Transnational Environmental Law 4, no. 2 (May 6, 2015): 425–37. http://dx.doi.org/10.1017/s2047102515000138.

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AbstractClimate change is a global environmental problem which has been addressed primarily at the multilateral level. However, national, supranational, and even subnational action on the issue has also sprung up. At the subnational level, California (United States) and Acre (Brazil) offer an interesting example of how domestic policies may be linked in order to address climate change. Based on a memorandum of understanding concluded in 2010, these two states have been working towards the possible linkage of their respective climate change policies, in essence providing a pathway for using emissions offset credits that are generated in Acre through reductions of forest-based emissions in the Californian cap-and-trade programme. Taking into account that this is an ongoing process, this commentary provides a general overview of the issue from the perspective of international law.

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24

Tietenberg, Tom. "Cap-and-Trade: The Evolution of an Economic Idea." Agricultural and Resource Economics Review 39, no. 3 (October 2010): 359–67. http://dx.doi.org/10.1017/s106828050000736x.

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Over the past three decades or so, emissions trading has evolved from an idea that was little more than an academic curiosity to its current role as the centerpiece of the U.S. program to control acid rain and international programs to control greenhouse gases. This essay identifies some of the key milestones of this evolution, describes how that evolution was shaped by economic analysis, elicits some of the lessons about the design and effectiveness of emissions trading that have emerged from analysis of that evolution, and points out a few of the barriers that lie in the path of achieving a truly global carbon market.

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25

Goulder, Lawrence H. "Markets for Pollution Allowances: What Are the (New) Lessons?" Journal of Economic Perspectives 27, no. 1 (February 1, 2013): 87–102. http://dx.doi.org/10.1257/jep.27.1.87.

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About 45 years ago a few economists offered the novel idea of trading pollution rights as a way of meeting environmental goals. Such trading was touted as a more cost-effective alternative to traditional forms of regulation, such as specific technology requirements or performance standards. The principal form of trading in pollution rights is a cap-and-trade system, whose essential elements are few and simple: first, the regulatory authority specifies the cap—the total pollution allowed by all of the facilities covered by the regulatory program; second, the regulatory authority distributes the allowances, either by auction or through free provision; third, the system provides for trading of allowances. Since the 1980s the use of cap and trade has grown substantially. In this overview article, I consider some key lessons about when cap-and-trade programs work well, when they perform less effectively, how they work compared with other policy options, and how they might need to be modified to address issues that had not been anticipated.

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26

Ribaudo, Marc, Jorge Delgado, and Michael Livingston. "Preliminary Assessment of Nitrous Oxide Offsets in a Cap and Trade Program." Agricultural and Resource Economics Review 40, no. 2 (September 2011): 266–81. http://dx.doi.org/10.1017/s1068280500008054.

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Nitrous oxide is a powerful greenhouse gas that is emitted from cropland treated with nitrogen fertilizer. Reducing such emissions through nutrient management might be able to produce offsets for sale in a cap and trade program aimed at reducing greenhouse gases. We use the Nitrate Leaching and Economic Analysis Program (NLEAP) model and data from the Agricultural and Resource Management Survey to examine what changes in rate, timing, or method of application a farmer would take to produce offsets. We find that reducing the application rate is the most favored approach for producing offsets. We also find that some management choices may increase nitrate losses to water.

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27

Evans, David A., and Joseph A. Kruger. "Where Are the Sky's Limits? Lessons from Chicago's Cap-and-Trade Program." Environment: Science and Policy for Sustainable Development 49, no. 2 (March 2007): 18–32. http://dx.doi.org/10.3200/envt.49.2.18-32.

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28

Nalley, Lanier, Michael Popp, Zara Niederman, Kristofor Brye, and Marty Matlock. "How Potential Carbon Policies Could Affect Where and How Cotton Is Produced in the United States." Agricultural and Resource Economics Review 41, no. 2 (August 2012): 215–31. http://dx.doi.org/10.1017/s1068280500003361.

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Using life cycle assessment methodology, this analysis evaluates how two carbon reduction strategies affect cotton plantings regionally and methods used to produce cotton. Because cotton production emits large amounts of carbon, the design of a reduction policy as either excluding soil sequestration through cap-and-trade or including it through carbon offset is likely to affect the success of the policy. A cap-and-trade program that ignores the amount of carbon cotton would sequester in the soil during its life cycle could increase net emissions by rewarding producers whose crops emit limited carbon directly but also sequester little carbon in the ground.

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29

Jenkins, M., J. Salzman, G. Bennett, and J. Granfors. "Making the priceless valuable: forests and ecosystem services." International Forestry Review 22, no. 1 (June 1, 2020): 104–12. http://dx.doi.org/10.1505/146554820829523998.

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Historically, forest ecosystem services have been undervalued or not valued at all, thus encouraging the destruction and conversion of our global forest estate. Fortunately, these last decades have witnessed a real shift – the active and innovative development of markets and payments for the ecosystem values of forests and other ecosystems. Payments for Environmental Services programs are now in place around the globe. Schemes focused on forest carbon, such as the California Cap-and-Trade law, programs in China and Colombia, South Korea and Chile, coupled with new initiatives in the aviation sector, point to steady progress toward the carbon/climate value of forests. Innovative green infrastructure initiatives around water and watersheds in Peru, Costa Rica, Australia and South Africa provide another growing stream of value for forests. And sustainable commodity supply chains and conservation banking bring more large-scale private sector actors and new business sectors to the table. Here we provide a global status of PES around the world.

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30

Shobe, William, Karen Palmer, Erica Myers, Charles Holt, Jacob Goeree, and Dallas Burtraw. "An Experimental Analysis of Auctioning Emission Allowances Under a Loose Cap." Agricultural and Resource Economics Review 39, no. 2 (April 2010): 162–75. http://dx.doi.org/10.1017/s106828050000722x.

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The direct sale of emission allowances by auction is an emerging characteristic of cap-and-trade programs. This study is motivated by the observation that all of the major implementations of cap-and-trade regulations for the control of air pollution have started with a generous allocation of allowances relative to recent emissions history, a situation we refer to as a “loose cap.” Typically more stringent reductions are achieved in subsequent years of a program. We use an experimental setting to investigate the effects of a loose cap environment on a variety of auction types. We find that all auction formats studied are efficient in allocating emission allowances, but auction revenues tend to be lower relative to competitive benchmarks when the cap is loose. Regardless of whether the cap is tight or loose, the different auction formats tend to yield comparable revenues toward the end of a series of auctions. However, aggressive bidding behavior in initial discriminatory auctions yields higher revenues than in the other auction formats, a difference that disappears as bidders learn to adjust their bids closer to the cut-off that separates winning and losing bids.

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31

Schakenbach, John, Robert Vollaro, and Reynaldo Forte. "Fundamentals of Successful Monitoring, Reporting, and Verification under a Cap-and-Trade Program." Journal of the Air & Waste Management Association 56, no. 11 (November 2006): 1576–83. http://dx.doi.org/10.1080/10473289.2006.10464565.

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32

Lange, Ian, and Peter Maniloff. "Updating allowance allocations in cap-and-trade: Evidence from the NOx Budget Program." Journal of Environmental Economics and Management 105 (January 2021): 102380. http://dx.doi.org/10.1016/j.jeem.2020.102380.

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33

Nishida, Yuko, Ying Hua, and Naomi Okamoto. "Alternative building emission-reduction measure: outcomes from the Tokyo Cap-and-Trade Program." Building Research & Information 44, no. 5-6 (May 9, 2016): 644–59. http://dx.doi.org/10.1080/09613218.2016.1169475.

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Layton, Timothy J., Nicole Maestas, Daniel Prinz, and Boris Vabson. "Health Care Rationing in Public Insurance Programs: Evidence from Medicaid." American Economic Journal: Economic Policy 14, no. 4 (November 1, 2022): 397–431. http://dx.doi.org/10.1257/pol.20190628.

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We study two mechanisms used by public health insurance programs for rationing health care: outsourcing to private managed care plans and quantity limits for prescription drugs. Leveraging a natural experiment in Texas’s Medicaid program, we find that the shift to managed care and the relaxation of a strict drug cap increased access to high-value drugs and outpatient services and reduced avoidable hospitalizations. Program costs increased significantly, indicating a trade-off between cost and quality. We provide suggestive evidence attributing the reduction in hospitalizations to the relaxation of the drug cap and much of the spending increase to the shift to managed care. (JEL G22, H75, I13, I18, I38)

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35

Daniels, Thomas L. "Integrating Forest Carbon Sequestration Into a Cap-and-Trade Program to Reduce Net CO2Emissions." Journal of the American Planning Association 76, no. 4 (September 29, 2010): 463–75. http://dx.doi.org/10.1080/01944363.2010.499830.

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36

Goulder, Lawrence H., Marc A. C. Hafstead, and Michael Dworsky. "Impacts of alternative emissions allowance allocation methods under a federal cap-and-trade program." Journal of Environmental Economics and Management 60, no. 3 (November 2010): 161–81. http://dx.doi.org/10.1016/j.jeem.2010.06.002.

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37

Sauma, Enzo. "The impact of transmission constraints on the emissions leakage under cap-and-trade program." Energy Policy 51 (December 2012): 164–71. http://dx.doi.org/10.1016/j.enpol.2012.08.057.

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38

Ba, Feng, Paul R. Thiers, and Yonggong Liu. "The evolution of China’s emission trading mechanisms: From international offset market to domestic Emission Trading Scheme." Environment and Planning C: Politics and Space 36, no. 7 (January 24, 2018): 1214–33. http://dx.doi.org/10.1177/2399654417751928.

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Анотація:

With the decline of the international market under the Clean Development Mechanism, China is establishing a national Emission Trading Scheme by setting up emission cap and trade rules for high emission industries in seven pilot areas. The shift from the international to domestic market and from an offset program to a true cap and trade mechanism requires several significant changes. This paper reviews the development and evolution of China’s carbon trading market policy instruments. We find that there are substantial changes in both structure and policy. First, Emission Trading Scheme is a broad cap-and-trade mechanism with many new stakeholders added to those already involved in China’s Clean Development Mechanism. Second, the administrative structure is decentralized compared to that of the Clean Development Mechanism. Third, while the Emission Trading Scheme is best thought of as a new policy, China’s experience with the Clean Development Mechanism influences that policy. A large number of Clean Development Mechanism projects are being converted into offsets for the national Emission Trading Scheme market, and many institutional stakeholders that emerged during the Clean Development Mechanism are now involved in the Emission Trading Scheme. The combination of new policies and stakeholders, a decentralization of structure and the conversion of Clean Development Mechanism projects raise questions regarding the integrity of the cap and the enforcement of compliance as the Emission Trading Scheme is expanded into a nationwide system.

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39

Cramton, Peter. "A Review of Markets for Clean Air: The U.S. Acid Rain Program by A. Denny Ellerman, Paul L. Joskow, Richard Schmalensee, Juan-Pablo Montero, and Elizabeth M. Bailey." Journal of Economic Literature 38, no. 3 (September 1, 2000): 627–33. http://dx.doi.org/10.1257/jel.38.3.627.

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Markets for Clean Air is the definitive text on the U.S. acid rain program. This innovative program uses a cap-and-trade approach, rather than the traditional command-and-control approach, to reduce sulfur dioxide emissions. The authors conclude that the program was successful in cutting the costs of SO2 emission reductions by about half, saving tens of billions of dollars. Both scholars and policy makers will have a better sense of the virtues and pitfalls of market-based regulation after reading this.

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40

GAVARD, CLAIRE, NIVEN WINCHESTER, HENRY JACOBY, and SERGEY PALTSEV. "WHAT TO EXPECT FROM SECTORAL TRADING: A US-CHINA EXAMPLE." Climate Change Economics 02, no. 01 (February 2011): 9–26. http://dx.doi.org/10.1142/s201000781100019x.

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In the recent United Nations Framework Convention on Climate Change (UNFCCC) negotiations, sectoral trading was proposed to encourage early action and spur investment in low carbon technologies in developing countries. This mechanism involves including a sector from one or more nations in an international cap-and-trade system. We analyze trade in carbon permits between the Chinese electricity sector and a US economy-wide cap-and-trade program using the MIT Emissions Prediction and Policy Analysis (EPPA) model. In 2030, the US purchases permits valued at $42 billion from China, which represents 46% of its capped emissions. In China, sectoral trading increases the price of electricity and reduces aggregate electricity generation, especially from coal. However, sectoral trading induces only moderate increases in generation from nuclear and renewables. We also observe increases in emission from other sectors. In the US, the availability of cheap emissions permits reduces the cost of climate policy and increases electricity generation.

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41

Napolitano, Sam, Jeremy Schreifels, Gabrielle Stevens, Maggie Witt, Melanie LaCount, Reynaldo Forte, and Kenon Smith. "The U.S. Acid Rain Program: Key Insights from the Design, Operation, and Assessment of a Cap-and-Trade Program." Electricity Journal 20, no. 7 (August 2007): 47–58. http://dx.doi.org/10.1016/j.tej.2007.07.001.

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42

Liu, Beibei, Pan He, Bing Zhang, and Jun Bi. "Impacts of alternative allowance allocation methods under a cap-and-trade program in power sector." Energy Policy 47 (August 2012): 405–15. http://dx.doi.org/10.1016/j.enpol.2012.05.013.

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43

Driesen, David M. "The Limits of Pricing Carbon." Climate Law 4, no. 1-2 (July 25, 2014): 107–18. http://dx.doi.org/10.1163/18786561-00402009.

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Many analysts agree that we need to put a price on carbon through either a carbon tax or a cap-and-trade program. And yet, some of the most dramatic successes in carbon abatement have come from policies that do not put a price on carbon. This article considers some of the limits to price as an effective mechanism for transformation of the fossil fuel economy.

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44

Curtis, E. Mark. "Who Loses under Cap-and-Trade Programs? The Labor Market Effects of the NOx Budget Trading Program." Review of Economics and Statistics 100, no. 1 (March 2018): 151–66. http://dx.doi.org/10.1162/rest_a_00680.

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45

Huang, Hsing-fu, and Hwong-wen Ma. "An agent-based model for an air emissions cap and trade program: A case study in Taiwan." Journal of Environmental Management 183 (December 2016): 613–21. http://dx.doi.org/10.1016/j.jenvman.2016.09.008.

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46

Golub, Alexander, and Nathaniel Keohane. "Using an Allowance Reserve to Manage Uncertain Costs in a Cap-and-Trade Program for Greenhouse Gases." Environmental Modeling & Assessment 17, no. 1-2 (September 6, 2011): 91–106. http://dx.doi.org/10.1007/s10666-011-9277-z.

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47

Deschênes, Olivier, Michael Greenstone, and Joseph S. Shapiro. "Defensive Investments and the Demand for Air Quality: Evidence from the NOx Budget Program." American Economic Review 107, no. 10 (October 1, 2017): 2958–89. http://dx.doi.org/10.1257/aer.20131002.

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The demand for air quality depends on health impacts and defensive investments, but little research assesses the empirical importance of defenses. A rich quasi-experiment suggests that the Nitrogen Oxides (NOx) Budget Program (NBP), a cap-and-trade market, decreased NOx emissions, ambient ozone concentrations, pharmaceutical expenditures, and mortality rates. The annual reductions in pharmaceutical purchases, a key defensive investment, and mortality are valued at about $800 million and $1.3 billion, respectively, suggesting that defenses are over one-third of willingness-to-pay for reductions in NOx emissions. Further, estimates indicate that the NBP's benefits easily exceed its costs and that NOx reductions have substantial benefits. (JEL I12, Q51, Q53, Q58)

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48

Cullenward, Danny, Mason Inman, and Michael D. Mastrandrea. "Corrigendum: Tracking banking in the Western Climate Initiative cap-and-trade program (2019 Environ. Res. Lett. 14 124037)." Environmental Research Letters 15, no. 3 (February 21, 2020): 039501. http://dx.doi.org/10.1088/1748-9326/ab6fc1.

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49

Linn, Joshua. "The effect of cap-and-trade programs on firms’ profits: Evidence from the Nitrogen Oxides Budget Trading Program." Journal of Environmental Economics and Management 59, no. 1 (January 2010): 1–14. http://dx.doi.org/10.1016/j.jeem.2009.06.001.

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50

Ertimur, Yonca, Jennifer Francis, Amanda Gonzales, and Katherine Schipper. "Financial Reporting for Pollution Reduction Programs." Management Science 66, no. 12 (December 2020): 6015–41. http://dx.doi.org/10.1287/mnsc.2019.3416.

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We develop a conceptually grounded approach, based on the International Accounting Standards Board’s conceptual framework, to the accounting for the rights and obligations embodied in a cap-and-trade program. Under this approach, firms recognize allowances as intangible assets, initially measured at fair value with a credit to cash for purchased allowances and to a current period gain for allocated allowances; firms recognize current period expense and accrue liabilities, at fair value, as they emit; both asset and liability are remeasured at fair value at every reporting date. We apply our treatment and three alternative treatments, based on current practice and proposals considered by standard setters, to transaction-level data from the U.S. sulfur dioxide cap-and-trade program to calculate as-if financial statement outcomes using actual data. The alternative treatments result in noncomparable accounting for otherwise similar arrangements. To provide ex ante evidence on the effects of noncomparable accounting, we analyze reporting outcomes and show that alternative accounting treatments of the same arrangement result in meaningful differences in reported assets and liabilities, income volatility, and commonly used performance and leverage metrics. Because the financial reporting effects of noncomparable accounting are exacerbated by business combinations and plant-level purchases of allocated allowances that may have been initially recorded at zero, our analysis explicitly accounts for the effects of these transactions. Finally, we find that among the four accounting treatments we consider, reporting outcomes under our proposed approach are most aligned with investor perceptions, as indicated by the associations between the market value of equity and assets, liabilities, and income. This paper was accepted by Shiva Rajgopal, accounting.

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