Cap and trade program design options by philip


Twenty-eight states have climate action plans and nine have statewide emission targets. Regional initiatives can be cap and trade program design options by philip efficient than programs at the state cap and trade program design options by philip, as they encompass a broader geographical cap and trade program design options by philip, eliminate duplication of work, and create more uniform cap and trade program design options by philip environments.

Over the past few years, a number of regional initiatives have begun developing systems to reduce carbon dioxide emissions from power plants, increase renewable energy generation, track renewable energy credits, and research and establish baselines for carbon sequestration.

To facilitate compliance with reduction targets, RGGI will provide flexibility mechanisms that include credits for emissions reductions achieved outside of the electricity sector. The successful implementation of the RGGI model will set the stage for other states to join or form their own regional cap and trade systems and may encourage the program to expand to other greenhouse gases and other sectors.

On November 29,New Jersey withdrew from the initiative, effective January 1, The Western Governors' Association WGA Clean and Diversified Energy Initiative, including 18 western states, has begun investigating strategies to increase efficiency and renewable energy sources in their electricity systems.

To meet its goals, the Initiative's advisory committee CDEAC appointed eight technical task forces to develop recommendations based on reviews of specific clean energy and efficiency options.

WREGIS is a voluntary system for renewable energy credits and tracks renewable energy credits RECs across 11 western states in order to facilitate trading to meet renewable energy portfolio standards. The two states collaborated to assess greenhouse gas emissions and address the impacts of climate change in the Southwest [7] and on September 8,Arizona Governor Janet Napolitano issued an executive order to implement recommendations included in the Climate Change Advisory Group's Climate Action Plan.

Finally, on February 26,these five Western states Washington, Oregon, California, Arizona, and New Mexico agreed to combine their efforts to develop regional targets for reducing greenhouse emissions, creating the Western Regional Climate Action Initiative. Powering the Plains, launched inis a regional effort involving participants from the Dakotas, Minnesota, Iowa, Wisconsin and the Canadian Province of Manitoba.

This initiative aims to develop strategies, policies, and demonstration projects for alternative energy sources and technology and climate-friendly agricultural development.

Inat the invitation of ICLEImunicipal leaders met at the United Nations in New York and adopted a declaration cap and trade program design options by philip called for the establishment of a worldwide movement of local governments to reduce greenhouse gas emissions, improve air quality, and enhance urban sustainability.

Since its inception, the CCP Campaign has grown to involve more than local governments worldwide that are integrating climate change mitigation into their decision-making processes.

On February 16,Seattle Mayor Greg Nickels launched an initiative to advance the goals of the Kyoto Protocol through leadership and action by at least American cities, and as of October,mayors representing over From Wikipedia, the free encyclopedia.

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In this note, we examine the emissions and allowance price implications of RGGI expansion. New Cap and trade program design options by philip and Virginia both held off-year elections for Governor in All signs point to him following through on that promise. While New Jersey had been a founding member of the program, Governor Chris Christie R pulled the state out at the end of Meanwhile, Virginia Cap and trade program design options by philip Ralph Northam Cap and trade program design options by philip ran on a promise to implement a power sector cap-and-trade program that the outgoing administration already had under construction.

Absent any surprises cap and trade program design options by philip looks like both states are on course to join RGGI by These differences could have significant implications for the expanded market. The range represents market uncertainty around the price of natural gas and the cost of renewable energy technologies in line with our national Taking Stock projections. We find that either cap would allow Virginia to cumulatively emit more CO2 between and than our projections under current policy Figure 1.

The gap could be as narrow as 4 million tons under our high emissions scenario if the state imposes a tight cap, cap and trade program design options by philip as wide as 71 million tons under our low emissions scenario if decisionmakers opt for the loosest cap under consideration.

New Jersey is in a tighter spot. State officials will need to craft a proposal as they engage the other RGGI states and stakeholders. We constructed two options for this analysis: We find under both our emissions scenarios that either cap would bind the state to make further CO2 cuts with a large spread between outcomes.

However, New Jersey may have fewer allowances to auction which could lead to a possible transfer of allowance value out of the state. Of course, New Jersey could put forward a less stringent cap than what we consider here but it will need to consider how to frame a more lenient approach when surrounded by more ambition.

Given the starkly different situations in Virginia and New Jersey, what will their expected participation in RGGI mean for the region as a whole? Probably modest impacts on both emissions and allowance prices. This all assumes RGGI states reduce their carbon caps to soak up most surplus allowances banked in the system through If the RGGI cap is as tight as it gets by fully leveraging the new Emissions Containment Reserve ECR then under our low emissions scenario the cap would curb up to 18 million short tons of emissions.

With New Jersey and Virginia folded into the regional market we see a similar story under our high emissions scenario. Under our low emissions scenario the loose cap would not require any additional CO2 cuts. If New Jersey and Virginia opt for the most ambitious caps considered in this analysis we do expect the region-wide cap to force further emissions reductions under both emissions scenarios.

After three years of decline, Chinese coal demand recovered modestly — up 3. Oil demand grew by 4. Options and Implications Jason Bordoff and John Larsen January 16, How does a society pay for the environmental and social costs of industrial and commercial activity?

This question is front and center as nations work to address climate change across the globe. Economists broadly agree about the cost effectiveness of In this note, we combine those data with recent petroleum and natural gas statistics to provide a preliminary estimate of US carbon dioxide CO2 emissions in