Authoritative, comprehensive, accessible-the definitive guide to a new approach in environmental policy Emissions Trading: Environmental Policy's New Approach presents the work of an outstanding group of contributors on the successes and limitations of this new and exciting incentive-based tool for reducing environmental pollutants. By including the comments of emitters, regulators, public interest group representatives, and academics, the book reveals the criticisms, disagreements, and growing resolution of numerous environmental questions, including: Can markets be used to correct market environmental failure? Will decentralized decisions by emitters produce an improvement in air quality? Can this approach realize significant control cost savings? Can emissions trading be monitored and enforced effectively at a reduced cost? Will affected groups support this dramatic innovation? Supported with sound analytical thinking and careful consideration of the evidence, Emissions Trading presents an open and candid discussion of the issues and choices that lie ahead.
As emissions trading is extended to air pollutants such as nitrogen oxides and carbon dioxide, the data and information contained in this book will become even more important and compelling for anyone interested in matters destined to have a profound impact on the economy, the environment, and public health.
A mid the tangle of checkered progress, increasing control costs, and resistance that has typified environmental emissions regulation over the past three decades, emissions trading stands out as a cost-effective, flexible, non-confrontational exception. Successful early applications of this market-based incentive program have attracted a good deal of attention and created a growing demand for more information among all affected parties, including business, government, public interest, and academic communities. Emissions Trading provides a clear and authoritative presentation of the new incentive-based policy tool through which business and government share in the execution of environmental policy. Leading researchers and implementers from industry, government, and academia report on the history, progress, and practical application of this tool and analyze its performance to date. They also provide significant detail on the design and performance of emissions trading that goes far beyond a "how-to" manual. The goal of this reference is to generate an understanding of the realities of emissions trading, its successes and shortcomings, and the dynamics of new applications. Each of the books seven parts deals with the key features of emissions trading, including:
Incentive-based environmental quality control
- Views from market designers and administrators
- The national cap-and-trade market to reduce acid rain
- Regional cap-and-trade markets to reduce urban smog
- Voluntary discrete emission reductions
Replete with examples, data, and illustrations that explain the major concepts and applications behind emissions trading, organize evidence on performance, and summarize new EPA data on trades of emissions, this timely reference is the definitive guide for manufacturing and engineering managers, R&D professionals, quality managers, policy makers, and environmental lawyers and management consultants.
RICHARD F. KOSOBUD, PhD, is Professor of Economics at the University of Illinois at Chicago. A former associate dean of the University's Business School and head of the Economics Department, Professor Kosobud has been Director for the University's Workshop on Market-Based Approaches to Environmental Policy since 1992. The workshop presents the work of the country's leading experts and is attended by senior executives, business leaders, policy makers, and top researchers.
INCENTIVE-BASED ENVIRONMENTAL QUALITY CONTROL. Emissions Trading Emerges from the Shadows (R. Kosobud). APPRAISING ENVIRONMENTAL POLICY'S NEW APPROACH. What Do We Really Know about Market-Based Approaches to Environmental Policy?: Lessons from Twenty-Five Years of Experience (R. Stavins). From Porcopolis to Carbopolis: The Evolution from Pork Bellies to Emissions Trading (W. Nordhaus). Some Observations on the Evolution of the International Greenhouse Gas Emissions Trading Market (R. Sandor & M. Walsh). VIEWS FROM THE MARKET DESIGNERS AND ADMINISTRATORS. Emissions Trading Designs in the OTAG Process (M. Gade & R. Kanerva). A Tale of Two Revolutions: Administration of the SO-2 Trading Program (J. Kruger, et al.). AN APPLICATION AT CENTER STAGE: THE PIONEERING NATIONAL CAP-AND-TRADE MARKET TO REDUCE ACID RAIN. Appraisal of the SO-2 Cap-and-Trade Market (D. Burtraw). From Autarkic to Market-Based Compliance: Learning from Our Mistakes (A. Ellerman). AN APPLICATION AT CENTER STAGE: THE PIONEERING REGIONAL CAP-AND-TRADE MARKET TO REDUCE URBAN SMOG. The RECLAIM Program (Los Angeles' Market-Based) Emissions Reduction Program) at Three Years (J. Lents). AN APPLICATION AT CENTER STAGE: VOLUNTARY DISCRETE EMISSION REDUCTIONS. Discrete Emission Reductions Trading: Practical Application in the Connecticut Regulatory Environment (J. Belanger). A PERSPECTIVE ON EMISSIONS TRADING. The Significance of Incentive-Based Regulation (M. Moskow). Acronyms. Contributors. Index.
This book includes chapters contributed by the industry's leading researchers whose work was first presented at the University of Illinois' workshop and coordinated by the author. The workshop attracts senior executives, leading thinkers and researchers, and policy makers.
- Features the work of top researchers and implementers in this area.
- Comprehensive coverage that describes the approach, provides a common language for discussing emissions trading and offers guidelines for implementation.
- The foreword is written by NAM President Jerry Jasinowski.
National Association of Manufacturers
John Wiley & Sons Inc
Environmental Policy's New Approach
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Richard F. Kosobud