Surviving Global Warming by Roger A. Sedjo

Author:Roger A. Sedjo
Language: eng
Format: epub
ISBN: 9781633885295
Publisher: Prometheus Books

CAP AND TRADE

A variation of forest carbon credits is gaining headway in the electrical power sector in parts of New England. A program called the Regional Greenhouse Gas Initiative involves several northeastern states. California has its own similar program covering not only power facilities, but also factories and oil refineries. The idea is to have power companies in the region with power plants required to purchase permits from the state for the carbon dioxide they release. This is a way, like a tax, to make the polluters pay for their carbon emissions. The state also earns revenue from the permits that can be directed toward climate issues. The permits constitute credits and can be sold or traded to other companies. However, the number of permits controlled by the state will diminish over time, putting increased pressures on the power companies to lower their emissions. The system is sometimes called “cap and trade.”83

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