August 2010
"Europe's Emissions Trading System"
Discussion Paper
This paper describes and evaluates the system for trading CO2 emission permits introduced by the European Union to encourage the reduction of greenhouse gas emissions to help abate climate change. This system represents a live example of a functioning trading system under the so-called cap-and-trade approach to limiting greenhouse gas emissions.
October 2008
"The Case for Charges on Greenhouse Gas Emissions"
Discussion Paper
"The proposal discussed in this paper is to levy a common charge on all emissions of greenhouse gases, worldwide. All countries would be covered in principle, but the proposal could be implemented with a much smaller number of countries, provided they covered most of the emissions. While all greenhouse gases should in principle be covered, this paper will address mainly carbon dioxide, quantitatively the most important greenhouse gas; extensions to other greenhouse gases could be made with little or (in the case of methane) much difficulty. The charge would be internationally adjusted from time to time, and each country would collect and keep the revenue it generated...."
