Reports & Papers

Direct air capture (DAC) is a type of technology that captures carbon dioxide directly from the air. As the negative impacts of climate change become ever more apparent, governments and private industries have funneled increasing support toward DAC as a critical pathway toward achieving a net-zero future. Although a promising technology, wide-scale deployment of DAC faces several significant challenges.

The introduction of the U.S. SO2 allowance-trading program to address the threat of acid rain as part of the Clean Air Act Amendments of 1990 is a landmark event in the history of environmental regulation. The program was a great success by almost all measures. Ironically, cap and trade seems especially well suited to addressing the problem of climate change, in that emitted greenhouse gases are evenly distributed throughout the world's atmosphere. Recent hostility toward cap and trade in debates about U.S. climate legislation may reflect the broader political environment of the climate debate more than the substantive merits of market-based regulation.