WCI

Much of the debate over the formation of a cap & trade system under the Waxman-Markey bill focused on whether initial allowances should be auctioned off or merely given away and how the system would act. There was little discussion about the impact a federal cap & trade system would have on states, which have already established or at the very least have set the wheels in motion regarding a state or regional cap and trade system. Most notably, this refers to the Regional Greenhouse Gas Initiative, Western Climate Initiative, and California.