Document Type:Technical Results
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Many recent greenhouse gas (GHG) emissions cap-and-trade proposals in the United Statesincluding proposals in the Northeast, California, and at the national levelinclude specific measures designed to contain the potential compliance costs of the proposed programs. These cost-containment measures include "new" provisions not included in existing emissions trading programsnotably a "safety valve" that would cap the allowance priceas well as provisions such as banking or the use of offsets that have been included in prior programs. At the same time, this proliferation of potential GHG emissions trading programs in the U.S. and elsewhere (as well as the major existing program, the European Union Emissions Trading Scheme) raises the issue of whether (and how) to link various GHG emissions trading programs to one another. The potential gains from linking are cleara combined program offers the possibility of additional cost savings. At the same time, linking raises issues of compatibility among the linked programs.
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