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1 1 (March 15, 2021)

handle is hein.crs/govecqw0001 and id is 1 raw text is: C o-ngr essIo n al R e e rc S e v e March 15, 2021 Mitigating Greenhouse Gas Emissions: Selected Policy Options Congress may consider a range of policy options that could be used to limit or remove human-related greenhouse gas (GHG) emissions from the atmosphere, including carbon dioxide (C02), methane, nitrous oxides, and others. Efforts to reduce net GHG emissions-the sum of direct emission reductions/removals and permanent sequestration-are under way in other countries and in a number of U.S. states and localities. This In Focus identifies and briefly describes selected policy tools that could reduce net GHG emissions from one or more economic sectors, including electricity, transportation, industry, agriculture, and commercial and residential buildings. Some of the policies described below directly impact emissions-for example, through a price or regulation-whereas others address emission levels indirectly. The options below are not an exhaustive list of policy tools. GHG Emissions (Carbon) Price Governments may place a price on GHG emissions-often described as a carbon price-which typically involves either a carbon tax (emissions fee) or an emissions cap-and- trade system. Both approaches would place a price- directly or indirectly-on GHG emissions or their inputs, namely fossil fuels. A key difference between these approaches is that (in general) an emissions cap provides certainty about the ultimate emissions level, whereas taxes/fees provide certainty about the emission price level. A carbon price creates a financial incentive to reduce GHG emissions; promotes the displacement of higher carbon- intensive sources (e.g., fossil fuels) with lower carbon- intensive sources (e.g., renewables); spurs innovation in emission reduction technologies; and stimulates actions that may decrease emissions, such as efficiency improvements. As illustrated in Figure 1, 32 countries and 27 subnational governments have carbon price programs in place. According to a 2020 World Bank report, a number of additional countries are considering carbon price programs. Technology or Performance Standards Policymakers may establish technology standards or performance requirements on a range of emission sources or their inputs, such as fuels. Examples of climate-related technology or performance standards include Corporate Average Fuel Economy (CAFE) and GHG emission standards for motor vehicles; renewable fuels standards or low carbon fuel standards; emission performance standards for electric power plants or oil and natural gas production facilities; and energy efficiency standards for consumer products and industrial equipment; and building codes or standards for building components, such as windows and insulation. Figure I. National and Subnational Carbon Pricing Programs Source: CRS using data from World Bank, Carbon Pricing Dashboard, as of November I, 2020, https://carbon pricingdash board.worldban k.org. https://crsreports.congress.gov -z t Carbon Price Program Carbon Tax/Fee * Emissions Trading System * Both

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