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CBO: Policy Options for Reducing CO2 Emissions

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Policy Options for Reducing CO2 Emissions, February 2008 (42 pages, PDF)

  • “The most efficient approaches to reducing emissions of CO2 involve giving businesses and households an economic incentive for such reductions. Such an incentive could be provided in various ways, including a tax on emissions, a cap on the total annual level of emissions combined with a system of tradable emission allowances, or a modified cap-and-trade program that includes features to constrain the cost of emission reductions that would be undertaken in an effort to meet the cap. This Congressional Budget Office (CBO) study – prepared at the request of the Chairman of the Senate Committee on Energy and Natural Resources — compares those policy options on the basis of three key criteria: their potential to reduce emissions efficiently, to be implemented with relatively low administrative costs, and
    to create incentives for emission reductions that are consistent with incentives in other countries. In keeping with CBO’s mandate to provide objective, impartial analysis, the report contains no recommendations.”

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