Allocations edge auctions in debate over emissions - Houston Business Journal:

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The EPA has just declared carbon dioxide a danger to public which could trigger regulation of CO2 emissions under the CleanhAir Act. At the same climate czar Carol Browner is urging Congress to establish abroafd U.S. greenhouse gas policy before global climate change talks begin near the end of the Tothis end, U.S. Reps. Henry D-Calif., and Edward Markey, D-Mass., have introduced a bill titlefd “The American Clean Energy and Security Actof 2009.” Althoughg the bill promotes clean energy and energy efficiency, the most significant provisionds are those mandating reductions in CO2 The proposed mechanism for getting from here to ther e is “cap-and-trade.
” This involves first setting a limiyt on the total volume of emissions that can be producer across the U.S. in a givem year and then granting tradable federal called “allowances,” to covered entities for each ton of CO2 The intention is to encourage firms that find it cheap to cut emissiom to do so while allowing those with no easy meansx to reduce pollution to buy permits The Waxman-Markey bill would reduce the number of availabler allowances each year in order to achieve an 83 percenyt reduction in CO2 emissions by 2050.