News - Carbon Pricing
Negotiations over international carbon markets broke down again at COP25 in Madrid. Finding common ground on how these markets work is critical to ensuring countries and businesses committed to net-zero emissions meet their targets, Jackson Ewing writes.
Tim Profeta sat down with Duke Today to discuss the basics of his proposal to end the political impasse in the United States over reducing greenhouse gas emissions: a federal-state partnership.
To quickly achieve real solutions to climate change, Congress should strongly consider a model that has been successfully proven through our nation’s history: the federal-state partnership, writes Tim Profeta in an op-ed for The Hill.
Climate change is among the greatest collective action challenges in history, requiring solutions that meet the scale and urgency of the problem. Yet progress on reducing greenhouse gas emissions has stalled in the United States in recent years.
On Thursday, Tim Profeta, director of Duke University's Nicholas Institute for Environmental Policy Solutions, will meet with Congressional leaders to outline a potential path for overcoming the national political stalemate on the issue and achieving "fast and significant climate action."
For a couple of hours on a September evening, the Berntsen Classroom at Duke University's Fuqua School of Business sounded more like a trading floor.
Teams of student investors strategized over whether to buy or sell on the market. In a few cases, they negotiated directly with each other, going back and forth over the right price.
The 50 Duke students in the room weren’t trading stocks, though. They were getting their first exposure to a carbon market.
With a Democratic Legislature to back him, Virginia Gov. Ralph Northam (D) could have a more bullish climate agenda, said Kate Konschnik, director of the Climate and Energy Program at Duke University’s Nicholas Institute for Environmental Policy Solutions.
Pennsylvania Gov. Tom Wolf's decision to join the Regional Greenhouse Gas Initiative is significant because it marks the largest expansion since the inception of the decade-old carbon market, which would now include all of the Mid-Atlantic states and the Northeast, reports NJ Spotlight. “As one of the largest emitters of greenhouse gases in the country, Pennsylvania’s action will have a real impact on the fight against climate change," said Tim Profeta.
Pennsylvania's participation would expand the Regional Greenhouse Gas Initiative at a time when the Trump administration has reversed actions to curb emissions, reports StateImpact Pennsylvania. “This is a game changer, for a top energy producer like Pennsylvania to take this big step toward a cleaner future,” said Kate Konschnik.
Pennsylvania Governor Tom Wolf ordered regulators to come up with a plan by July 31 to regulate emissions from power plants and establish rules that would allow the state to participate in a multi-state carbon market called the Regional Greenhouse Gas Initiative. Kate Konschnik told Bloomberg News that the move represents "a very big actor coming to the table."