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45 Nat. Resources J. 865 (2005)
Global Climate Change and the Use of Economic Approaches: The Ideal Design Features of Domestic Greenhouse Gas Emissions Trading with an Analysis of the European Union's CO2 Emissions Trading Directive and the Climate Stewardship Act

handle is hein.journals/narj45 and id is 883 raw text is: INHO CHOI*

Global Climate Change and the Use of
Economic Approaches: The Ideal Design
Features of Domestic Greenhouse Gas
Emissions Trading with an Analysis of
the European Union's CO2 Emissions
Trading Directive and the Climate
Stewardship Act
ABSTRACT
This Article discusses the ideal design features of a domestic
greenhouse gas (GHG) emissions trading program that are
critical to the cost-effective implementation of future U.S. climate
change policy. The discussion of a properly designed domestic
GHG trading program is coupled with an analysis of both the
European Union's Carbon Dioxide (CO2) Emissions Trading
Directive and the Climate Stewardship Act of 2003, proposed by
Senators John McCain and Joseph Lieberman.
The Article begins with the argument that climate change
policy does not necessarily entail huge compliance costs. Rather,
implementation of well-designed domestic climate change policy
will have the effect of aligning energy development and
environmental protection goals while minimizing its short-term
economic impacts. By encouraging reduced fossil fuel usage,
climate change policy has the potential to integrate sustainability
concerns into all levels of economic decision making, thereby
producing ancillary societal benefits such as improvements in
existing air quality and public health.
In light of the large number of pollution sources and the
relative ease in measuring C02 emissions, this Article argues that
emissions trading or a carbon tax system should be an essential
part of any successful climate stabilization strategy. However, it
S.J.D. (2006), LL.M. (2002), The George Washington University Law School; LL.M.
(1998), LL.B. (1993), Chungnam National University College of Law, South Korea. Please
contact me at iamchoi99@hotmail.com. The author wishes to thank his parents and wife for
their unconditional support and love. He also would like to express special thanks to
Professor Arnold W. Reitze, Jr., of the George Washington University Law School, for his
invaluable comments, advice, and guidance throughout the preparation of this Article.

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