Emissions Trading, an Exercise in Reforming Pollution Policy

By T. H. Tietenberg | Go to book overview

Table 7. Bubble Transactions by Type of Pollutant
Type of pollutant
Volatile
Bubble applicationSulfurorganicTotal suspendedNitrogen
statusdioxidecompoundsparticulatesoxidesTotal
Approved101013033
Proposed12508
Under review35218073
Total1464360114
Source: Barry Elman, Status Report on Emissions Trading Activity ( Washington, D.C., U.S. Environmental Protection Agency, November 1983).
use of improved technology and 15 resulted in emission reductions through fuel switching. Many offsets were made available when plants closed down.The vast majority of offset and bubble transactions in all states have involved sources under a common ownership. It has been estimated that only about 50 offset transactions have involved credits created by one owner being transferred for consideration to another owner.9 Furthermore, only two SIP revision bubble transactions prior to 1984 involved trades between plants controlled by different owners.Emissions banking is in its infancy. As of September 1983, only 19 states and local districts had or were developing emissions banking programs. Four additional states were considering development of a bank. The majority of states did not yet have a banking program. One knowledgeable source estimated that fewer than a handful of trades had been facilitated by banking.10Though the amount of information available on state experiences with the netting program is very limited, to date it probably has had very little impact. Not only is it the newest of the programs, but it has been under a legal cloud, which has caused states to be very cautious in using it until the legal issues had been resolved.
SUMMARY
The potential for actual cost savings by emissions trading programs depends on how expensive the command-and-control allocation is relative to the least-cost allocation and how closely the allocation resulting from the emissions trading program approximates the least-cost allocation.
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Emissions Trading, an Exercise in Reforming Pollution Policy
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Tables ix
  • Preface xi
  • Abbreviations xiv
  • 1 / Introduction 1
  • References 13
  • 2 - /The Conceptual Framework 14
  • References 35
  • 3 - The Potential For Cost Savings 38
  • Summary 56
  • 4 - The Spatial Dimension 60
  • Summary 89
  • 5 - Distributing The Financial Burden 93
  • Summary 120
  • References 123
  • 6 - Market Power 125
  • Summary 145
  • 7 - The Temporal Dimension 149
  • Summary 165
  • 8 - Enforcement 168
  • Summary 184
  • 9 - Evaluation and Proposals For Further Reform 188
  • Concluding Comments 213
  • References 214
  • Index 217
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