Magazine Article - China Dialogue
Don't Write Off Cap and Trade
Various journalists and advocates have, of late, described America's Regional Greenhouse Gas Initiative (RGGI) as being near "the brink of failure" thanks to the trend of very low prices of permits to emit carbon dioxide. Likewise, commentators have claimed that Europe's carbon market, the European Union Emission Trading Scheme (EU ETS), may be "sinking into oblivion" because its emissions allowances too have become very cheap.
Since when are low prices considered a problem? To understand what's going on, we need to remind ourselves of the purpose—and promise—of a cap-and-trade regime, and then look at what's been happening in the respective markets....
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For Academic Citation:
Stavins, Robert. “Don't Write Off Cap and Trade.” China Dialogue, June 26, 2012.
The Author
Robert N. Stavins
- Director, Harvard Project on Climate Agreements
- A.J. Meyer Professor of Energy & Economic Development
- Member of the Board, Belfer Center
- Director, Harvard Environmental Economics Program
- Chair, Environment and Natural Resources Faculty Group
- Chairman, Ph.D. Programs in Public Policy and Political Economy & Government
- Co-Chair, Kennedy School–Harvard Business School Joint Degree Programs
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Various journalists and advocates have, of late, described America's Regional Greenhouse Gas Initiative (RGGI) as being near "the brink of failure" thanks to the trend of very low prices of permits to emit carbon dioxide. Likewise, commentators have claimed that Europe's carbon market, the European Union Emission Trading Scheme (EU ETS), may be "sinking into oblivion" because its emissions allowances too have become very cheap.
Since when are low prices considered a problem? To understand what's going on, we need to remind ourselves of the purpose—and promise—of a cap-and-trade regime, and then look at what's been happening in the respective markets....
Continue reading in English: http://www.chinadialogue.net/article/show/single/en/5010--Don-t-write-off-cap-and-trade-
Access the Chinese-language version: http://www.chinadialogue.net/article/show/single/ch/5010--Don-t-write-off-cap-and-trade-
Want to Read More?
The full text of this publication is available via the original publication source.The Author
Robert N. Stavins
- Director, Harvard Project on Climate Agreements
- A.J. Meyer Professor of Energy & Economic Development
- Member of the Board, Belfer Center
- Director, Harvard Environmental Economics Program
- Chair, Environment and Natural Resources Faculty Group
- Chairman, Ph.D. Programs in Public Policy and Political Economy & Government
- Co-Chair, Kennedy School–Harvard Business School Joint Degree Programs
- Recommended
- In the Spotlight
- Most Viewed
Recommended
Audio - Harvard Environmental Economics Program
The Intersection of Trade and Climate Policy: A Conversation with Kim Clausing
News - Harvard Project on Climate Agreements
Harvard Project Contributes to Major Initiative on Methane
Audio - Harvard Environmental Economics Program
Making the Case for Climate Adaptation: A Conversation with Richard Zeckhauser
In the Spotlight
Most Viewed
Paper - Belfer Center for Science and International Affairs
The Gulf Moment and the Making of the Khaleeji State
Analysis & Opinions - Foreign Policy
America Fueled the Fire in the Middle East
Analysis & Opinions - New Straits Times
Gorbachev and the End of the Cold War
