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The Design and Implementation of US Climate Policy$
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Don Fullerton and Catherine Wolfram

Print publication date: 2012

Print ISBN-13: 9780226269146

Published to Chicago Scholarship Online: September 2013

DOI: 10.7208/chicago/9780226921983.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 07 June 2020

Belts and Suspenders

Belts and Suspenders

Interactions among Climate Policy Regulations

(p.127) 8 Belts and Suspenders
The Design and Implementation of US Climate Policy

Arik Levinson

University of Chicago Press

This chapter examines the interactions among different climate policy regulations. It focuses on the interactions between tradable greenhouse gas emissions permit systems (cap and trade) and the more traditional regulatory standards. The combination of tradable permit schemes with traditional standards has been called the belts-and-suspenders approach. The chapter also explains two rationales used to justify this approach for local air pollutants: other market failures and administrative complexity.

Keywords:   climate policy, greenhouse gas emissions, cap and trade, traditional regulatory standards, tradable permit schemes, market failure, administrative complexity

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