Article by Kyle W. Danish, Shelley N. Fidler,
Andrea Hudson Campbell and Kevin M. Gallagher
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Commentary
With the unfolding financial crisis on Wall Street, it seems
likely that federal climate change legislation might not top the
agenda of Congress in 2009. This means that there could be
increasing attention to the state and regional climate programs.
These last two weeks saw major developments in those programs . . .
The Regional Greenhouse Gas Initiative had its first auction of
allowances. Allowance prices are starting on the low side,
reflecting the relatively modest ambition of the emissions cap and
low prices for natural gas . . . In addition, the Western Climate
Initiative released its design principles. One of the showstopper
headlines is its provision establishing a 49% limit on of the use
of offsets. However, the limit is less generous than it
