Among the complex aspects of the recently passed Waxman-Mar-key climate change legislation (H.R. 2454) is its formula for distributing emission allowances. Beyond the sectoral allocation of free allowances for the first few years of the cap-and-trade system's operation, what else does the bill entail for allowance allocation?rnWhere the bill ended up might, or might not, seem predictable-depending on your cynicism (or realism) about congressional politics. If you took candidate Barack Obama at his word, you may have expected greenhouse gas (GHG) emission allowances to be allocated entirely by auction. Candidate Obama was quite definite in his endorsement of this approach.
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