American Developments and Transatlantic Linking: advancing climate policies in the face of a global recession

Cameron Hepburn, Oxford University

An overview of US climate bills, in context of EPA Regulations, the Waxman-Markely Bill and the Boxer-Kerry Bill is set out. Although action is happening fast, it is suggested that any progress prior to the Copenhagen climate talks is not anticipated. Comparing and linking analysis on carbon trading and global carbon markets between the US and the EU, suggests that, with fair political winds and careful steering, multilateral linking could occur over time. Linking different carbon trading schemes would bring the benefit of reducing costs and creating economic surplus.