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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.

SUGGESTED CITATION:
Robert Stavins, "A Meaningful U.S. Cap-and-Trade System to Address Climate Change" (October 22, 2008). Fondazione Eni Enrico Mattei Working Papers. Working Paper 241.
http://www.bepress.com/feem/paper241