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Cap and Trade
The Kyoto Protocol, set to expire in 2012, established binding reductions of greenhouse gas (GHG) emissions for thirty-six countries. The United States was not a party to the treaty.
Reducing GHG emissions through cap-and-trade programs is generating widespread discussion, including consideration by the U.S. Congress. Debate is ongoing as to cap and trade’s effectiveness, costs, inequities, and questionable reductions in pollution, to name a few.
Cap and trade is a policy approach for controlling large amounts of emissions from a group of sources. The approach sets an overall cap, or maximum amount of emissions per compliance period, for all sources under the program. The cap is chosen in order to achieve a desired environmental effect.
Authorizations to emit in the form of emission allowances are then allocated to affected sources, and the total number of allowances cannot exceed the cap. Individual control requirements are not specified for sources; instead, sources report all emissions and then surrender the equivalent number of allowances at the end of the compliance period.
Allowance trading enables sources to design their own compliance strategy based on their individual circumstances while still achieving the overall emissions reductions required by the cap.
A compliance option in a cap and trade program is an offset. An offset is a measurable reduction, avoidance, or sequestration of GHG emissions from a source not covered by an
emission reduction program. If allowed, offset projects could generate "emission credits" which could be used by a regulated entity to comply with its reduction requirement.
Examples of cap-and-trade programs in the United States include the Acid Rain SO2 Program and the Ozone Transport Commission NOx SIP call, while in Europe the European Union Trading System spreads across the bloc’s twenty-seven member nations.
Reducing GHG emissions through cap-and-trade programs is generating widespread discussion, including consideration by the U.S. Congress. Debate is ongoing as to cap and trade’s effectiveness, costs, inequities, and questionable reductions in pollution, to name a few.
Cap and trade is a policy approach for controlling large amounts of emissions from a group of sources. The approach sets an overall cap, or maximum amount of emissions per compliance period, for all sources under the program. The cap is chosen in order to achieve a desired environmental effect.
Authorizations to emit in the form of emission allowances are then allocated to affected sources, and the total number of allowances cannot exceed the cap. Individual control requirements are not specified for sources; instead, sources report all emissions and then surrender the equivalent number of allowances at the end of the compliance period.
Allowance trading enables sources to design their own compliance strategy based on their individual circumstances while still achieving the overall emissions reductions required by the cap.
A compliance option in a cap and trade program is an offset. An offset is a measurable reduction, avoidance, or sequestration of GHG emissions from a source not covered by an
emission reduction program. If allowed, offset projects could generate "emission credits" which could be used by a regulated entity to comply with its reduction requirement.
Examples of cap-and-trade programs in the United States include the Acid Rain SO2 Program and the Ozone Transport Commission NOx SIP call, while in Europe the European Union Trading System spreads across the bloc’s twenty-seven member nations.
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