California is implementing the most comprehensive global warming regulatory program in
the United States. A key part of this program is its cap-and-trade system. Integral to the cap …

EXECUTIVESUMMARY erhaps no element of recent cap-and-trade proposals has been as
controversial as provisions for offset credits, under which sources whose emissions are …

The use of offsets can potentially improve a cap-and-trade system by lowering the overall
cost of compliance, encourage mitigation from outside of the cap, and function as a bridge …

INTRODUCTION ver the past few years, the US carbon offset market has experienced
tremendous growth. 1 This expansion can be attributed to several factors, including the …

From 2005 through 2006, the international market for carbon credits experienced
tremendous growth and reached an annual market value of over US $30 billion.'As part of …

The evolution and growth of offset markets is recounted in Lecoq and Ambrosi (2007) and
Grubb et al.(2010). The most significant current global offset program, the Clean …

The term carbon offset refers to a reduction in greenhouse gas (GHG) emissions (or an
increase in carbon storage) which is used to account for emissions created elsewhere …

International offsets play a central role in the cost containment strategies of both the Clean
Energy and Security Act of 2009 (HR 2454), proposed by Congressmen Waxman and …

The carbon offset market grew out of the binding carbon-reduction commitments made by
the Kyoto Protocol signatory nations.'The treaty requires signatories to establish emissions …

Summary As the United States designs its strategy for regulating emissions of greenhouse
gases, two central issues have emerged. One is how to limit the cost of compliance while still …