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A Meaningful U.S. Cap-and-Trade System to Address Climate Change

Robert Stavins

No 2008.82, Working Papers from Fondazione Eni Enrico Mattei

Abstract: There is growing impetus for a domestic U.S. climate policy that can provide meaningful reductions in emissions of CO2 and other greenhouse gases. In this article, I propose and analyze a scientifically sound, economically rational, and politically feasible approach for the United States to reduce its contributions to the increase in atmospheric concentrations of greenhouse gases. The proposal features an up-stream, economy-wide CO2 cap-and-trade system which implements a gradual trajectory of emissions reductions over time, and includes mechanisms to reduce cost uncertainty. I compare the proposed system with frequently discussed alternatives. In addition, I describe common objections to a cap-and-trade approach to the problem, and provide responses to these objections.

Keywords: Cap-and-Trade System; Carbon Dioxide; Greenhouse Gas Emissions; Global Climate Change; Carbon Taxes (search for similar items in EconPapers)
JEL-codes: Q54 Q28 Q38 Q48 Q58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ene, nep-env, nep-reg and nep-res
Date: 2008-10
References: View references in EconPapers View complete reference list from CitEc
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