气候变化领域集成服务门户(CCPortal): Tracking banking in the Western Climate Initiative cap-and-trade program

CCPortal

DOI	10.1088/1748-9326/ab50df
	Tracking banking in the Western Climate Initiative cap-and-trade program
	Cullenward D.; Inman M.; Mastrandrea M.D.
发表日期	2019
ISSN	17489318
卷号	14 期号:12
英文摘要	The Western Climate Initiative is a multilateral cap-and-trade program in California and Québec. The California climate regulator has called for cap-and-trade to deliver nearly half of the emission reductions needed to achieve the state's legally binding limit on greenhouse gas emissions in 2030, making the program the single biggest driver of the state's post-2020 policy portfolio. However, the program's supply of compliance instruments has persistently exceeded emissions subject to the program- A condition known as overallocation, which independent studies have projected may continue into the mid-2020s. If market participants purchase and bank excess compliance instruments for future use, they may be able to comply with the program's regulations while nevertheless emitting significantly in excess of the state's legally binding 2030 limit. Here, we present methods for tracking observed banking behavior on both an annual and multi-year compliance period basis. By the end of 2018, market participants had already acquired more unused compliance instruments than the regulator anticipated for 2020. The size of the private bank is now comparable to the cumulative mitigation expected from the program over the period 2021 through 2030, raising questions about the program's ability to achieve its expected reductions. Beyond diagnosing market conditions, banking metrics can also help policymakers design dynamic program reforms that increase program stringency conditional on observed market behavior deviating from expectations. © 2019 The Author(s). Published by IOP Publishing Ltd.
英文关键词	Banking; California; Cap-and-trade; Carbon pricing; Climate policy; Overallocation; Western climate initiative
语种	英语
scopus关键词	Banking; Emission control; Gas emissions; Greenhouse gases; Regulatory compliance; California; Cap and trade; Carbon pricing; Climate policy; Overallocation; Western climate initiative; Commerce; biomass allocation; compliance; emissions trading; environmental policy; greenhouse gas; market conditions; mitigation; participatory approach; California; United States
来源期刊	Environmental Research Letters
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/154297
作者单位	Near Zero, Stanford, CA, United States; Department of Global Ecology, Carnegie Institution for Science, Stanford, CA, United States; Stanford Law School, Stanford, CA, United States
推荐引用方式 GB/T 7714	Cullenward D.,Inman M.,Mastrandrea M.D.. Tracking banking in the Western Climate Initiative cap-and-trade program[J],2019,14(12).
APA	Cullenward D.,Inman M.,&Mastrandrea M.D..(2019).Tracking banking in the Western Climate Initiative cap-and-trade program.Environmental Research Letters,14(12).
MLA	Cullenward D.,et al."Tracking banking in the Western Climate Initiative cap-and-trade program".Environmental Research Letters 14.12(2019).