The Experts below are selected from a list of 14112 Experts worldwide ranked by ideXlab platform

Ghita Levenstein Carroll - One of the best experts on this subject based on the ideXlab platform.

  • implications of carbon Cap and Trade for us voluntary renewable energy markets
    Energy Policy, 2008
    Co-Authors: Lori Bird, Edward Holt, Ghita Levenstein Carroll
    Abstract:

    Many consumers today are purchasing renewable energy in large part for the greenhouse gas (GHG) emissions benefits that they provide. Emerging carbon regulation in the US has the potential to affect existing markets for renewable energy. Carbon Cap-and-Trade programs are now under development in the Northeast under the Regional Greenhouse Gas Initiative (RGGI) and in early stages of development in the West and Midwest. There is increasing discussion about carbon regulation at the national level as well. While renewable energy will likely benefit from carbon Cap-and-Trade programs because compliance with the Cap will increase the costs of fossil fuel generation, Cap-and-Trade programs can also impact the ability of renewable energy generation to affect overall CO2 emissions levels and obtain value for those emissions benefits. This paper summarizes key issues for renewable energy markets that are emerging with carbon regulation, such as the implications for emissions benefits claims and voluntary market demand and the use of renewable energy certificates (RECs) in multiple markets. It also explores policy options under consideration for designing carbon policies to enable carbon markets and renewable energy markets to work together.

  • implications of carbon Cap and Trade for us voluntary renewable energy markets
    Energy Policy, 2008
    Co-Authors: Lori Bird, Ed Holt, Ghita Levenstein Carroll
    Abstract:

    Many consumers today are purchasing renewable energy in large part for the greenhouse gas (GHG) emissions benefits that they provide. Emerging carbon regulation in the US has the potential to affect existing markets for renewable energy. Carbon Cap-and-Trade programs are now under development in the Northeast under the Regional Greenhouse Gas Initiative (RGGI) and in early stages of development in the West and Midwest. There is increasing discussion about carbon regulation at the national level as well. While renewable energy will likely benefit from carbon Cap-and-Trade programs because compliance with the Cap will increase the costs of fossil fuel generation, Cap-and-Trade programs can also impact the ability of renewable energy generation to affect overall CO2 emissions levels and obtain value for those emissions benefits. This paper summarizes key issues for renewable energy markets that are emerging with carbon regulation, such as the implications for emissions benefits claims and voluntary market demand and the use of renewable energy certificates (RECs) in multiple markets. It also explores policy options under consideration for designing carbon policies to enable carbon markets and renewable energy markets to work together. Published by Elsevier Ltd.

Lori Bird - One of the best experts on this subject based on the ideXlab platform.

  • implications of carbon Cap and Trade for us voluntary renewable energy markets
    Energy Policy, 2008
    Co-Authors: Lori Bird, Ed Holt, Ghita Levenstein Carroll
    Abstract:

    Many consumers today are purchasing renewable energy in large part for the greenhouse gas (GHG) emissions benefits that they provide. Emerging carbon regulation in the US has the potential to affect existing markets for renewable energy. Carbon Cap-and-Trade programs are now under development in the Northeast under the Regional Greenhouse Gas Initiative (RGGI) and in early stages of development in the West and Midwest. There is increasing discussion about carbon regulation at the national level as well. While renewable energy will likely benefit from carbon Cap-and-Trade programs because compliance with the Cap will increase the costs of fossil fuel generation, Cap-and-Trade programs can also impact the ability of renewable energy generation to affect overall CO2 emissions levels and obtain value for those emissions benefits. This paper summarizes key issues for renewable energy markets that are emerging with carbon regulation, such as the implications for emissions benefits claims and voluntary market demand and the use of renewable energy certificates (RECs) in multiple markets. It also explores policy options under consideration for designing carbon policies to enable carbon markets and renewable energy markets to work together. Published by Elsevier Ltd.

  • implications of carbon Cap and Trade for us voluntary renewable energy markets
    Energy Policy, 2008
    Co-Authors: Lori Bird, Edward Holt, Ghita Levenstein Carroll
    Abstract:

    Many consumers today are purchasing renewable energy in large part for the greenhouse gas (GHG) emissions benefits that they provide. Emerging carbon regulation in the US has the potential to affect existing markets for renewable energy. Carbon Cap-and-Trade programs are now under development in the Northeast under the Regional Greenhouse Gas Initiative (RGGI) and in early stages of development in the West and Midwest. There is increasing discussion about carbon regulation at the national level as well. While renewable energy will likely benefit from carbon Cap-and-Trade programs because compliance with the Cap will increase the costs of fossil fuel generation, Cap-and-Trade programs can also impact the ability of renewable energy generation to affect overall CO2 emissions levels and obtain value for those emissions benefits. This paper summarizes key issues for renewable energy markets that are emerging with carbon regulation, such as the implications for emissions benefits claims and voluntary market demand and the use of renewable energy certificates (RECs) in multiple markets. It also explores policy options under consideration for designing carbon policies to enable carbon markets and renewable energy markets to work together.

  • Incorporating Wind Generation in Cap and Trade Programs
    2006
    Co-Authors: Joel Bluestein, Elizabeth Salerno, Lori Bird, Laura Vimmerstedt
    Abstract:

    Cap and Trade programs are increasingly being used to reduce emissions from electricity generation in the United States. Cap and Trade programs primarily target emitting generators, but programs have also included renewable generators, such as wind generators. States cite several reasons why they have considered the policy option of including renewable generators in Cap and Trade programs: to provide an incentive for lower-emitting generation, to achieve emissions reductions in non-Capped pollutants, and to gain local economic benefits associated with renewable energy projects. The U.S. Environmental Protection Agency also notes these rationales for considering this policy alternative, and the National Association of Regulatory Commissioners (NARUC) passed a resolution supporting the inclusion of renewable energy in Cap and Trade programs. This report explores why states consider this policy option, what participation could mean for wind generators, and how wind generation can most effectively be included in state, federal, and regional Cap and Trade programs.

Robert N. Stavins - One of the best experts on this subject based on the ideXlab platform.

  • the design of environmental markets what have we learned from experience with Cap and Trade
    Oxford Review of Economic Policy, 2017
    Co-Authors: Richard Schmalensee, Robert N. Stavins
    Abstract:

    This article reviews the design of environmental markets for pollution control over the past 30 years, and identifies key market-design lessons for future applications. The focus is on a subset of the Cap-and-Trade systems that have been implemented, planned, or proposed around the world. Three criteria led us to the selection of systems for review. First, among the broader class of tradable permit systems, our focus is exclusively on Cap-and-Trade mechanisms, thereby excluding emission-reduction-credit or offset programmes. Second, among Cap-and-Trade mechanisms, we examine only those that target pollution abatement, and so we do not include applications to natural resource management, such as individual transferable quota systems used to regulate fisheries. Third, we focus on the most prominent applications—those that are particularly important environmentally, economically, or both.

  • Using the Value of Allowances from California's GHG Cap-and-Trade System
    SSRN Electronic Journal, 2012
    Co-Authors: Todd Schatzki, Robert N. Stavins
    Abstract:

    The GHG Cap-and-Trade system is a key element of the policies designed to achieve California’s ambitious goal of reducing GHG emissions to 1990 levels by the year 2020. The Cap-and-Trade program creates allowances necessary for regulatory compliance that become valuable because of their limited supply. Decisions about how to initially allocate these allowances have important consequences for the Cap-and-Trade program’s environmental effectiveness, economic performance, and distributional impact.Regulators have three basic options for allocating allowances initially: allocating pre-determined fixed quantities for free (“fixed allocations”), allocating each year’s allowances in proportion to recent actual production output (“updating output-based allocations”), and auctions. The choice among these alternatives does not directly affect environmental performance. Regardless of the choice of allocation method, aggregate emissions are limited by the emissions Cap. However, allocation choices may indirectly affect emissions through emissions leakage if economic activity shifts to unregulated sources due to Cap-and-Trade costs. In the context of California’s GHG Cap-and-Trade program, leakage is most likely to occur if all allowances are distributed through some combination of auctions and fixed allocations. Appropriately designed output-based allocations can reduce leakage and thus increase emission reductions achieved by AB 32 policies.

  • the effect of allowance allocations on Cap and Trade system performance
    Sustainable Development Papers, 2010
    Co-Authors: Robert W Hahn, Robert N. Stavins
    Abstract:

    We examine an implication of the “Coase Theorem” which has had an important impact both on environmental economics and on public policy in the environmental domain. Under certain conditions, the market equilibrium in a Cap-and-Trade system will be cost-effective and independent of the initial allocation of tradable rights. That is, the overall cost of achieving a given aggregate emission reduction will be minimized, and the final allocation of permits will be independent of the initial allocation. We call this the independence property. This property is very important because it allows equity and efficiency concerns to be separated in a relatively straightforward manner. In particular, the property means that the government can establish the overall pollution-reduction goal for a Cap-and-Trade system by setting the Cap, and leave it up to the legislature – such as the U.S. Congress – to construct a constituency in support of the program by allocating the allowances to various interests without affecting either the environmental performance of the system or its aggregate social costs. Our primary objective in this paper is to examine the conditions under which the independence property is likely to hold – both in theory and in practice. A number of factors can call the independence property into question theoretically, including market power, transaction costs, non-cost-minimizing behavior, and conditional allowance allocations. We find that, in practice, there is support for the independence property in some, but not all Cap-and-Trade applications.

  • a meaningful u s Cap and Trade system to address climate change
    2008
    Co-Authors: Robert N. Stavins
    Abstract:

    There is growing impetus for a domestic 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 upstream, economy-wide CO2 Cap-and-Trade system that 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 those objections. TABLE OF CONTENTS

  • a meaningful u s Cap and Trade system to address climate change
    2008
    Co-Authors: Robert N. Stavins
    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.

Luca Taschini - One of the best experts on this subject based on the ideXlab platform.

  • Cap and Trade properties under different hybrid scheme designs
    Journal of Environmental Economics and Management, 2011
    Co-Authors: Georg Grüll, Luca Taschini
    Abstract:

    This paper examines the key design mechanisms of existing and proposed Cap-and-Trade markets. First, it is shown that the hybrid systems under investigation (price floor using a minimum price guarantee, price collar, allowance reserve, options offered by the regulator, and offset relaxation) can be decomposed into a combination of an ordinary Cap-and-Trade scheme with European- or American-style call and put options. Then, we quantify and discuss the advantages and disadvantages of the proposed hybrid schemes by investigating whether pre-set objectives (enforcement of permit price bounds and reduction of the compliance costs for relevant companies) can be accomplished while maintaining the original environmental targets. Plain vanilla options are proposed as an alternative that reconciles the otherwise conflicting policy objectives.

  • Cap-and-Trade Properties Under Different Hybrid Scheme Designs
    2009
    Co-Authors: Georg Gruell, Luca Taschini
    Abstract:

    This paper examines the key design mechanisms of existing and proposed Cap-and-Trade markets. First, it is shown that the hybrid systems under investigation (safety-valve with offsets, price floor using a subsidy, price collar, allowance reserve, and options offered by the regulator) can be decomposed into a combination of an ordinary Cap-and-Trade scheme with European or American-style call and put options. Then, we quantify and discuss the advantages and disadvantages of the proposed hybrid schemes by investigating whether pre-set objectives (enforcement of permit price bounds and reduction of potential costs for relevant companies) can be accomplished while maintaining the original environmental targets.

  • Cap-and-Trade Properties under Different Scheme Designs
    2009
    Co-Authors: Luca Taschini, Georg Grüll
    Abstract:

    This paper examines the key design mechanisms of existing and proposed Cap-and-Trade markets. First, it is shown that the hybrid systems under investigation (safety-valve with offsets, price floor using a subsidy, price collar, allowance reserve, and options offered by the regulator) can be decomposed into a combination of an ordinary Cap-and-Trade scheme with European- or American-style call and put options. Then, we quantify and discuss the advantages and disadvantages of the proposed hybrid schemes by investigating whether pre-set objectives (enforcement of permit price bounds and reduction of potential costs for relevant companies) can be accomplished while maintaining the original environmental targets.

Yali Zhang - One of the best experts on this subject based on the ideXlab platform.

  • carbon tax or Cap and Trade which is more viable for chinese remanufacturing industry
    Journal of Cleaner Production, 2020
    Co-Authors: Zhaojun Yang, Jun Sun, Yali Zhang
    Abstract:

    Abstract The debate between Cap-and-Trade and carbon tax, two major carbon emission reduction mechanisms to deal with global warming, has been going on for years unsettled. The strategy to implement one of them or both is by far mainly addressed at the national level, and there is a need to customize the policy-making for different sectors, especially the emerging remanufacturing industry that has the great potential to reduce material and energy consumptions. Based on a closed-loop supply chain model, this study analyzes the Tradeoffs between carbon tax and Cap-and-Trade with a series of numerical studies. While keeping carbon emissions under control, Cap-and-Trade demonstrates a better fit to remanufacturing: its performances on manufacturer profit, social welfare, and consumer surplus surpass carbon tax’ in nine, eight, and six out of nine groups respectively. Only when the carbon quota level is too high, the Cap-and-Trade is possible to lose. In addition, this study examines two government-to-enterprise-subsidy strategies, direct subsidy and policy bias, and find both helpful but almost no difference in their impacts. The findings yield useful insights into the industry-wise design of carbon emission reduction mechanisms for remanufacturing and similar sectors.