查看文章

Recent changes to US Corporate Average Fuel Economy (CAFE) regulations that allow for credit banking and trading have created new opportunities for lowering the cost of meeting strict new standards. For the first time, automakers will be able to trade credits between their own car and truck fleets and across manufacturers and bank credits over longer time periods. The potential to lower the costs of the regulations could be large if well-functioning credit markets develop. Starting in 2012, new regulations for greenhouse gas (GHG) emissions overlap with the CAFE standards, creating two separate regulations and two separate credit markets, one for fuel economy and one for greenhouse gases. We find that although the two regulations are supposed to be harmonized, there are important differences in how credits are defined and can be traded, increasing costs for manufacturers. We review evidence on how well …