What can the Midwest learn from California about emissions trading?

In 1994, the South Coast Air Quality Management District (SCAQMD) introduced the regional Clean Air Incentives Market (RECLAIM) in the Los Angeles basin. RECLAIM is a regional market designed to improve air quality through the reduction of 2 pollutants, oxides of nitrogen (NOx) and oxides of sulfur...

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Bibliographic Details
Published in:Chicago fed letter 1997-08 (120), p.1
Main Authors: Klier, Thomas H, Mattoon, Richard H, Prager, Michael A
Format: Article
Language:English
Subjects:
Air cleanliness
Air pollution
Cost control
Economic conditions
Emissions trading
Flexibility
Industrial plant emissions
Ozone
Pollution control
Quality standards
Recessions
Volatility
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Summary:In 1994, the South Coast Air Quality Management District (SCAQMD) introduced the regional Clean Air Incentives Market (RECLAIM) in the Los Angeles basin. RECLAIM is a regional market designed to improve air quality through the reduction of 2 pollutants, oxides of nitrogen (NOx) and oxides of sulfur (SOx). The Illinois Environmental Protection Agency (Illinois EPA) will soon launch the Emissions Reduction Market System (ERMS) to help address the ground-level ozone problems facing the Chicago area. Differences between ERMS and RECLAIM include: 1. ERMS is a seasonal program while RECLAIM is year-round. 2. ERMS allows limited banking of credits, while RECLAIM does not. Both theory and practice have demonstrated that market-based environmental programs can be significantly more cost effective than traditional command and control regulations.
ISSN:0895-0164
2163-3592