20 Jun '11, 9am

Debunking Myths: How a Robust Cap-and-Trade System is Vital to California's Economy

In contrast, the first phase of the European Union Emissions Trading System, which ran from 2005-2008, had limited effectiveness due to over-allocation of permits. This was a regulatory design flaw because the Europeans had not been able to do a hard verification of emissions from capped entities before setting their targets. This was corrected for the second phase, now underway through 2012. California will not repeat this mistake because ARB has had a mandatory emissions reporting requirement in place since 2007; the requirement will form the basis for setting (and adjusting) the AB 32 allowance targets. ARB will mitigate any additional potential for price volatility through a price containment reserve account with a price floor. Other “failures” of the European experience with cap-and-trade, such as breaches into computerized accounts and sale of stolen allowances, are ...

Full article: http://www.triplepundit.com/2011/06/cap-and-trade-califor...

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