All countries deal with cap and trade differently. Many Western European, EU, countries have cap and trade for industry and power sectors. South Korea has cap and trade for heavy industry, power, waste, transportation and building sectors. China has six provinces testing out cap and tradeand represents a very large carbon market (with just those 6 provinces China is a large market, the entire country represents the single largest carbon market, and the biggest contribution to global warming and thus the nation with the largest carbon footprint, by far). The U.K., Ireland, Iceland and the Scandinavian countries Norway, Sweden and Finland have legislated both a carbon tax and cap and trade programs (which have only been partially implemented).
The nine state agreement in the U.S. northeast (the Regional Greenhouse Gas Initiative, RGGI) is another major carbon cap and trade trading pact, and is, at least partially, based on the pioneering EU program. These states have auctioned off carbon allowances to industries in RGGI states, and have thereby collected well over $1 billion from carbon cap and trade programs, much of which has been reinvested in energy efficiency, renewable energy and other clean energy programs. Since carbon cap and trade has started in the U.S. northeast, GHG emissions have steadily dropped. Like the EU, this in part due to investment in clean energy technologies, but also because some companies in the U.S. northeast have switched from dirtier fossil fuels like coal to cleaner natural gas generators in power plants, or to renewable energy.
Each countries share of CO2 emissions:
Some carbon cap and trade markets are:
The U.S. Northeast region:
The RGGI states and California are ahead of the curve as far as complying with the Clean Power Plan. The best way for states to comply with the Clean Power Plan is cap-and-trade or a carbon tax.
Article from: www.greencitytimes.com