Are There Lessons to Be Learned From California's Proposed Cap-and-Trade Program?

摘要

The U.S. Senate's inability to pass climate change legislation does not arise from its inability to nail down the particulars of a greenhouse gas (GHG) emission cap-and-trade program. While GHG cap-and-trade programs have been the centerpiece of congressional bills for a number of years, disagreement on the mechanics of such a program is not what has led to legislative stalemate. Rather the stalemate stems from: (1) the potential effect of capping GHG emissions on an already troubled economy; (2) the risk that such caps will encourage industry to relocate to other countries where emissions are not capped; and (3) the interests of states heavily dependent on coal power.