Cap, Auction, and Trade: Auctions and Revenue Recycling Under Carbon Cap and Trade

The Cunctator — Wed, 23 Jan 2008 09:30:00 -0600

Just a few hours after its release in Europe, a new global warming pollution auction-and-trade system will arrive on American soil tomorrow morning at a hearing before the Select Committee on Energy Independence and Global Warming. A leading figure in the European Commission’s carbon market will appear before the Select Committee to discuss how the European Union has shifted from a pollution trading scheme where credits are given out for free to a system where companies must bid on credits.

“Because this administration has refused to push forward on global warming policy, we must look to the E.U. and other countries for lessons on global warming policy,” said Rep. Edward J. Markey (D-Mass.), Chairman of the Select Committee. “Europe has learned some hard lessons which can help America avoid policy pitfalls and reduce carbon dioxide emissions sooner and more effectively.”

The hearing will examine the role of auction or allocation systems for global warming emissions credits in a cap-and-trade climate bill. Along with several prominent witnesses from the United States, Peter Zapfel, Coordinator for Carbon Markets and Energy Policy, European Commission – Environment Directorate General, will cover these new developments in the E.U.

Witnesses

Peter Zapfel, Coordinator for Carbon Markets and Energy Policy, European Commission – Environment Directorate General
Hon. Ian Bowles, Secretary of Energy and Environmental Affairs, Commonwealth of Massachusetts
Dallas Burtraw, Senior Fellow, Resources for the Future
John Podesta, President and Chief Executive Officer, Center for American Progress
Robert Greenstein, Executive Director, Center on Budget Policies and Priorities

Hill Heat: Cap, Auction, and Trade: Auctions and Revenue Recycling Under Carbon Cap and Trade

Cap, Auction, and Trade: Auctions and Revenue Recycling Under Carbon Cap and Trade