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Supercritical Carbon Dioxide Circulated EGS Combined with IGCC in New Mexico 5.3.2 Allocation of credits: Auctioning is the most desirable method of awarding credits to firms. It not only sets a price signal but also promotes a transparent price market. A whole lot of information is made available this way and a trust of certainty in the scheme is created. It enables firms to make long- term investment decisions and allows positioning itself into a net buyer or net seller based on how cheap it is for the firm. It makes clearer for a firm to fund research and development into green technology and allows cutting of distorted taxes on capital and labor due to high unemployment. Auctioning also gives new entrants a fair chance of treatment as the incumbents since the participants themselves are responsible for buying credits and hence allocating allowances. 5.3.3 Economics of cap-and-trade and Emission tax: In emissions trading, an emission cap is a system which is quantity based since an overall emission volume of a certain greenhouse gas is fixed. All markets are volatile and are subject to risks from natural disasters, availability of raw material, strikes, securities, internal credit issues, product liability, uncertainty in future supply and demand conditions etc. Under these altering and ambiguous conditions, the ability of a governmental agency to alter caps may result in certain firms from benefiting or losing and thus provides an opportunity for corruption. On the other hand if a price based instrument is introduced such as an ̳Emission Tax‘, only a price is fixed but emission levels will be allowed to vary according to economic activities of a country. The only problem with this system is that it may not be significantly successful in achieving emission goals. Introducing an economic tax, just as any other tax is not beneficial for the society as it creates a dead weight loss thus removing capital from the industry but on the other hand the polluter will not have to invest and manage a diverse risk management portfolio (hedging against future uncertainties) as the tax will be charged directly on the profits of the firm. The industry will benefit from less corruption. As in any case, no single policy can be rewarded as most perfect. It is usually a mixture of flexible properties of beneficial policies that are most desirable. Another option, known as a safety valve, is a hybrid of the price and quantity instruments. This is essentially an emission cap and permit trading system but the maximum (or minimum) permit price is capped. Emitters have the choice of either obtaining permits in the marketplace or purchasing them from the government at a specified trigger price (which could be adjusted over time). This, at times may help overcome the difficulties of both systems. It gives governments the flexibility to adjust the system, as new information is available. It can be shown that setting the trigger price high enough, or the number of permits low enough can use the safety valve used to mimic either a pure quantity or pure price mechanism. (Jacoby, D.H.; Ellerman, A.D., 2004-03) A safety valve is able to impose a minimum price per ton of CO2 emitted. Penn State University | 5.3 Emissions Trading: 89PDF Image | GREAT NECK WATER POLLUTION CONTROL DISTRICT NASSAU COUNTY, NEW YORK MICROTURBINE INSTALLATION FEASIBILITY STUDY
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