climate change policy
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How cap-and-trade markets work for acid rain and smog
Contrary to claims that cap-and-trade is untested or uproven, there are a half dozen or so operational cap-and-trade programs already functioning in the United States. Of these, the most significant are the Acid Rain Program and the NOx Budget Trading Program. Both have large vibrant trading markets, both have been extremely successful in achieving environmental aims, […]
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How carbon markets work in Europe
In spite of what you may have heard, Europe’s carbon market is working beautifully. The E.U.’s Emissions Trading Scheme (ETS) has been operational since 2005 and we’re now getting a good look at how it functions. It turns out, it’s a remarkable success story, both environmentally and economically. Let’s briefly review the major pieces of […]
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‘Subprime carbon’: Risk or hype?
On the announcement that the Clean Energy Jobs (CEJ) bill cleared a key Senate committee last week, Friends of the Earth complained: The bill’s backbone is a poorly regulated carbon trading scheme that entrusts the Wall Street bankers who brought us the current economic crisis with the responsibility to solve global warming. Sheesh. Of course, […]
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Gaming cap-and-trade: Should we worry?
Worries about “gaming” or market manipulation sometimes crop up as an objection to cap-and-trade, often with reference to recent shenanigans in the financial markets. Some fear that a cap-and-trade system could be manipulated to artificially raise — or lower — permit prices to generate profits for a few at the expense of consumers. While distrust […]
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Paul Krugman Versus Matt Taibbi
I love reading Matt Taibbi. I mean, who else puts together a sentence like this?: The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. Funny and righteous at the same time. Good stuff. But in a piece he […]
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Have Cap-and-Trade Programs Been
I’ve got an emerging obsession: the risk of market manipulation in cap and trade programs. It’s something you hear about all the time, at least in carbon policy circles, but the details about “gaming” always seem to be in very short supply. Still, it’s something we should take a close look at because the alleged consequences are […]
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Kerry-Boxer Climate Bill: Preliminary Thoughts
*** This is a preliminary summary of a huge bill, so it’s not Sightline’s final answer. Look for a more thorough and polished analysis next week. *** Weighing in at 821 pages, the Kerry-Boxer climate bill introduced into the US Senate yesterday is officially a whopper, though it’s certainly more svelte than the companion House bill that […]
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China steals Cimate Week spotlight, but U.S. still in the hot seat
U.N. headquarters: Site of all the inaction.Photo: United NationsThe U.S. was given a starring role at the United Nations Climate Summit on Tuesday, but China stole the show. President Barack Obama had pride of place on the agenda, as the first head of state to speak to the gathered world leaders, ministers, and climate negotiators. […]
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People pressure is key to action on climate change, say two climate movement leaders
Kumi NaidooKumi Naidoo and Lord Nicholas Stern couldn’t be more different when it comes to climate action. One is chair of a worldwide citizen activist coalition; the other an economist and academic. But each is a cautious optimist when it comes to international action on climate change: While it may not be probable that world […]
