On August 2, 2007 Senator Lieberman and John Warner (R-VA) introduced a framework for Lieberman-Warner America's Climate Security Act of 2007. The proposal, which we refer to here as the "Lieberman-Warner" bill, calls for the United States to make substantial cuts in greenhouse gas emissions below current levels by 2050. Such greenhouse gas emissions cuts will contribute to global efforts aimed at reducing atmospheric concentrations of greenhouse gases and mitigating harm to our climate system. The most recent assessment report of the Intergovernmental Panel on Climate Change provides a scientific basis for th world's countries to take strong action to mitigate the threats of climate change.

This study employs a computable general equilibrium model of the U.S. integrated into the global economy (ADAGE) and a detailed model of the U.S. energy sector (NI-NEMS) to examine the broad and deep economic implications of interim-term greenhouse gas cap-and-trade programs across sectors and regions of the U.S. economy over time. Interim target scenarios hold U.S. emissions to either 1990 or 2005 levels in the year 2020. These 2020 emission targes are in the range of those now being considered by the U.S. Congress, though several of the Congressional proposals call for continued cuts beyond 2020. This study therefore provides abounding assessment of the initial pathway to greenhouse gas reductions, one which can provide a first order assessment of "economic harm" and provides a platform for guaging implications of longer term cuts should they be applied. Results suggest rather modest macroeconomic impacts on the U.S. economy of greenhouse gas targets considered, though impacts tend to be concentrated, as expected, in the more energy intensive sectors.

This paper introduces, explains and describes the methods for addressing the issues of permanence, leakage and additionality (PLA) of agricultural soil carbon sequestration (ASCS) activities at the project level. Further, it evaluates methords for identifying and estimating PLA and guages the potential magnitude of these effects on the economic returns to a project.