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45 Nat. Res. 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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