By Richard Kosobud, Houston Stokes, Carol Tallarico, Brian Scott
Containing rigorous tough facts, this booklet is of enormous sensible use to postgraduates, researchers and enterprise groups laid low with or operating in environmental legislation. the writer, a number one identify within the environmental economics group, examines the matter of city smog in cityscapes and the trouble of accomplishing inexpensive controls. studying the most important parts of city smog, low-level ozone and risky natural compound emissions and their effect on future health and welfare of groups this article assesses and evaluates the functionality of emissions buying and selling structures and indicates substitute industry designs for incentive regulate of pollutants. Taking a well-reasoned method of the contentious sector of using marketplace incentives to accomplish environmental objectives, it offers a learn of the pioneering cap-and-trade marketplace, really targeting its bad functionality in Chicago. an ideal supplementary textual content postgraduates and researchers, this can be additionally a vital learn for all these drawn to environmental economics.
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Extra resources for Cost-Effective Control of Urban Smog: The Significance of the Chicago Cap-and-Trade Approach (Routledge Explorations in Environmental Economics)
Details on the methods and results are presented in Chapter 7. These studies do not assure that hot spots or spikes will not occur in future years, so the research should continue. It should be noted that hot spots are much less likely to occur when appreciable reductions in pollution are required by the cap. Banking horizons of tradable permits: an experimental approach Governments rarely have the luxury of experimenting with new designs by changing one feature and testing these changes over future years.
An unforeseen complication to this early Chicago plan arose from air shed modeling work of the Lake Michigan Air Director’s Consortium, made up of states bordering on the lake, that revealed that incoming concentrations of NOX from other states were very high. This regional movement of NOX concentrations called for a regional or national research and regulatory effort that was later implemented (Ozone Transport Assessment Group 1997: 57). The IEPA then turned to the development of a VOC cap-and-trade market that was to be a pioneering venture into a much more difficult and complex market design and implementation process.
The VOC emission sources are ubiquitous and highly variable, arising from industrial solutions, paints, combustion processes, various inputs and the like, most of which could not be monitored by the kind of continuous electronic monitoring that was used to measure and monitor SOX emissions from The political economy of the market design 23 smokestacks. Instead, reliance was placed on VOC emission rates from particular processes and control technologies and from purchase records of inputs. As an aside, it should be noted that emissions from mobile and small area sources were even more difficult to measure.