The Price Of GHG Legislation

Law360, New York (October 6, 2009, 10:46 AM EDT) -- Although Congress continues to debate the merits of “cap-and-trade” legislation to control greenhouse gas emissions, the European Union has had a GHG emissions trading system (“ETS”) in place since 2005.[1]

By 2008, the value of EU emissions allowances transacted was almost $92 billion.[2] But despite its broad reach, the EU system as originally established did not cover the transportation sector, which accounted for approximately 21 percent of EU GHG emissions in 2005.[3]

Recognizing that it would ultimately need to control transportation emissions if it were to...
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