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In my discussion of the Cap & Trade scheme for carbon dioxide equivalent (CO2E) emissions (greenhouse gases) proposed by U.S. Reps. Henry Waxman, D-Calif., and Edward Markey, D-Mass. (the American Clean Energy and Security (ACES) Act of 2009), I argue that the two key issues are (1) the size of the overall quota and (2) the enforcement of the rule that without a permit, you cannot emit.
Prima facie, the scheme looks tough.
Related posts:
on Jun 29th, 2009
@ 1:12 am:
Developing countries suggest that the interlinked global cap and trade regimes should integrate the global cap into the Annex 1 country quantified emission limitation and reduction obligations under Kyoto 2013 to 2020 (which the USA should either sign or accept as legally binding at Copenhagen). So Instead of 4% cut against 1990 level by 2020 as suggested by Waxman, and then as you rightly say CDM to avoid the pain, cut by at least say 45% cut against 1990 levels – this possibly being realistic if according to the IPCC we must halve global emission by mid century – and do pain at home and pain in developing countries. Pain will raise prices, cut emissions, and avoid more pain later.