Public Seminar:

Abstract

There is a growing recognition of the need to take prompt action to reduce greenhouse gas emissions in the United States, and of the potential role for market-based incentives for accomplishing this.  However, it is not widely understood that GHG have different physical and economic features from SO2 and NOx that were the focus of successful cap-and-trade programs under the 1990 Clean Air Act Amendments. Therefore a different and broader strategy will be required to achieve the needed reduction in GHGs. Regulation and the promotion of new technology will need to play a larger role than emission trading alone. But, with the right focus on technology development and the promotion of conservation, there could be a net economic gain from a serious commitment to reduce GHG emissions.