US cap-and-trade: efforts to standardise agreeements
California’s carbon cap-and-trade scheme is powering ahead despite early opposition and is now on course to begin in 2012. Pauline McCallion looks at efforts to standardise trading agreements and provide hedging capabilities ahead of the start date
After beating a legal challenge that threatened to end its carbon cap-and-trade scheme before it had even started, California has refocused on its efforts to establish what will be the largest carbon emissions market in North America and the second largest in the world after the European Union Emissions Trading Scheme (EU ETS). The eight-year, state-wide scheme will cover 85% of California's greenhouse gas emissions and be regulated by the California Air Resources Board (Carb). It is due to
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