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51 Tex. Env't L.J. 357 (2021)
No Carbon Left behind: Carbon Pricing and the Role of Supplementary Policies

handle is hein.journals/txenvlw51 and id is 373 raw text is: NO CARBON LEFT BEHIND: CARBON PRICING AND THE ROLE OF SUPPLEMENTARY POLICIES HUMZAH Q. YAZDANI I. Introduction ........................................................... 357 II. Carbon Pricing and Why It Has Not Worked ........................... 358 III. Problems with Cap-and-Trade .......................................... 362 IV. California's Experiment with Cap-and-Trade and AB 32 ................. 367 V. Carbon Tax and Why It Is a Better Policy Tool ......................... 370 VI. Is Carbon Pricing an Adequate Tool On Its Own?....................... 374 VII. Need for Supplemental Policies ......................................... 377 VIII. Supplementary Policies ................................................. 379 A. Public Investment in Technological Advancements ................. 379 B. Renewable Portfolio Standards and Feed-in Tariffs ................... 381 C. Increase in Transmission and Distribution Network .................. 384 D. Biofuels............................................................ 385 E. Simplicity of any Carbon Pricing Framework ........................ 388 IX. Policies that Were Intentionally Excluded ............................. 390 A. Problems with Natural Gas as A Transition Fuel .................... 390 B. Tax Credits ........................................................ 394 C . G lobal Carbon Pricing ............................................. 395 X . C onclusion ............................................................ 396 1. INTRODUCTION Global temperatures are estimated to increase by as much as 3.9 degrees Celsius by the end of the century-twice the limit needed to avoid climate change's worst effects.' The Intergovernmental Panel on Climate Change (IPCC) recommends that greenhouse gas emissions (GHG) need to be reduced between 50% and 85% below year-2000 levels by 2050 to limit the planet's increase in temperature to 2.0 degrees Celsius.2 Carbon dioxide (C02) is the chief culprit, accounting for 76% of total GHG emis- sions worldwide and 81% in the U.S.' CO2 also stays in the atmosphere longer than any other greenhouse gas.4 Experts suggest that CO2 emissions need to be reduced by 45% of 1 UNEP, EMISSIONS GAP REPORT 2019 27 (2019). 2 Jody Freeman, The Obama Administration's National Auto Policy: Lessons from the Car Deal, 35 Harv. Env't L. Rev. 344, 348 (2011). 3 Sources of Greenhouse Gas Emissions, ENV'T PROT. AGENCY, https://www.epa.gov/ghgemis- sions/sources-greenhouse-gas-emissions (last visited Apr. 11, 2021). 4 Richard Cooper, The Case for Pricing Greenhouse Gas Emissions, in GLOBAL CARBON PRIC- ING: THE PATH TO CLIMATE COOPERATION 91 (Peter Cramton et al. eds., 2017). 357

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