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Cap-and-Trade: Law and Economics (LexisNexis Global Climate Change Special Pamphlet Series)

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Congress has been working on legislation to create a federal cap-and-trade program, and enactment of a new law is on the horizon. A cap-and-trade program could affect federal, state, and local government costs as governments are large purchasers of energy intensive goods and would be responsible for a cap-and-trade program's implementation. To answer all your questions about this method of controlling greenhouse gas emissions, LexisNexis has released a new pamphlet, Cap-and-Trade: Law and Economics. Along with explaining the basic elements and purpose of a cap-and-trade system, the pamphlet discusses two other mechanisms that could be used to reduce greenhouse gas emissions: the command and control approach and a carbon tax. The pamphlet also summarizes key provisions of the proposed federal programs to regulate climate change and sets out a checklist of considerations for owners and operators of greenhouse gas cap-and-trade sources to take into account in preparing for any upcoming regulatory action.


Cap-and-Trade: Law and Economics is just one title in the continuing series of LexisNexis Global Climate Change Special Pamphlets that collectively address the law of global climate change. The series, written by members of the American College of Environmental Lawyers (ACOEL) and other experts, provides complete and up-to-date legal analysis of federal and state climate change statutory and case law, economic analysis of emerging carbon markets, practice pointers, and when appropriate, checklists and forms.


Other titles currently available for purchase are: EPA's Mandatory Greenhouse Gas Reporting Rule and The SEC and Climate: Disclosure Requirements. Coming soon, are pamphlets on Renewable Portfolio Standards and Carbon Capture and Sequestration.


Be sure to check back periodically on the Lexis.com bookstore for the release of more new titles in the LexisNexis Global Climate Change Special Pamphlet Series!

Authors / Contributors

Table of Contents


§ 1.01 The Economic Principles Underlying Cap-and-Trade

[1] Introduction to Climate Change and Cap-and-Trade Policy

[2] The Basic Elements of a Cap-and-Trade System

[a] Setting the Cap and Allocating the Allowances

[b] "Banking" and "Borrowing"

[c] Offset Credits

[d] Other Market Forces Affecting Carbon Pricing

[3] Supply and Demand: Underpinnings of the Cap-and-Trade System

[a] General Purpose of Cap-and-Trade System

[b] Theory of Supply and Demand

[c] Putting a Price on Carbon

[d] Achieving the Objective of the Cap-and-Trade System

[4] Cap-and-Trade Assumes Economic Behavior Is Rational—Is It?


§ 1.02 Prior Experiences with Cap-and-Trade Systems

[1] The Clean Air Act and Acid Rain Program

[a] Origins

[b] Elements

[c] Status

[d] Assessing the Program's Effectiveness

[e] Considerations for Greenhouse Gas Cap-and-Trade

[2] Lessons Learned from the European Union Emissions Trading Scheme

[a] Background of the EU-ETS Trading Scheme

[b] How EU-ETS Applies to the US Proposed Programs

[c] Lessons Learned from EU-ETS



§ 1.03 Command and Control vs. Carbon Tax vs. Cap-and-Trade

[1] The Three Regulatory Options

[a] Command and Control

[b] Carbon Tax

[c] Cap-and-Trade in Practice

[2] Regulatory Impacts


§ 1.04 Where Will Cap-and-Trade Take the Regulation of Climate Change?

[1] Proposed Federal Programs

[a] The American Clean Energy and Security Act of 2009

[b] Carbon Tax: America's Energy Security Trust Fund Act of 2009

[2] Regulatory Impact and Compliance Considerations for Companies and Lawyers