The United States has carbon and emissions limits, but these are not in a trade based system. The most comparable system is a system to Kyoto’s cap and trade is the acid rain program in place since 1990 for the minimization of SO2 production. Although we have a voluntary basis carbon trading market, we are not a part of the Kyoto group because it was thought that it would be to damaging to the economy. This may change soon, Obama’s new plan is to institute a cap and trade system very similar to that governed by the kyoto agreement that could be cross traded internationally. In this system he proposes that it could raise nearly 80 billion dollars in government revenue by 2012. The economic impact of this cannot be fully predicted, but the initial increase in energy cost is being considered, with 15 billion of the potential revenue set aside to help low income families with the increased cost.
U.S. to join the carbon cap and trade?