For two decades, scientists have been warning that chlorofluorocarbons (CFCs) and halons (bromine-containing fluorocarbons) may deplete the stratospheric ozone shield that screens out some of the Sun's harmful ultraviolet rays and thus regulates the amounts which reach the Earth's surface. CFCs have been used as refrigerants, solvents, foam blowing agents, and outside the United States, as aerosol propellants; Halons are used primarily as fire-fighting agents. Increased radiation could result in an increase in skin cancers, suppression of the human immune system, and decreased productivity of terrestrial and aquatic organisms, including some commercially important crops. This book deals with implementation, policy issues and phase out of methyl bromide. In September 1987, 47 countries (including the United States) agreed to the Montreal Protocol on Substances that Deplete the Ozone Layer, which first required controls on the world's consumption of ozone depleting substances. Over 160 countries have signed on to the Protocol, whose phasedown schedule for developed countries was accelerated twice and completely phased out Halon production at the end of 1994 and CFC production at the end of 1995. The Protocol's coverage has also been extended to include hydrochlorofluorocarbons and other chlorine- and bromine-containing substances such as some solvents and methyl bromide, a widely used soil fumigant.

This report summarizes the Clean Air Act and its major regulatory requirements. It excerpts, with minor modifications, the Clean Air Act chapter of CRS Report RL30798, which summarizes a dozen environmental statutes that form the basis for the programs of the Environmental Protection Agency.

The European Union's (EU) Emissions Trading Scheme (ETS) is a cornerstone of the EU's efforts to meet its obligation under the Kyoto Protocol. It covers more than 10,000 energy intensive facilities across the 27 EU Member countries; covered entities emit about 45% of the EU's carbon dioxide emissions. A "Phase 1" trading period began January 1, 2005. A second, Phase 2, trading period began in 2008, covering the period of the Kyoto Protocol. A Phase 3 will begin in 2013 designed to reduce emissions by 21% from 2005 levels.

The European Union's (EU) Emissions Trading Scheme (ETS) is a cornerstone of the EU's efforts to meet its obligation under the Kyoto Protocol. It covers more than 11,500 energy intensive facilities across the 27 EU Member countries; covered entities emit about 45% of the EU's carbon dioxide emissions. A "Phase 1" trading period began January 1, 2005. A second, Phase 2, trading period will begin in 2008, covering the period of the Kyoto Protocol, with a third one planned for 2013.

With the passage of the 2005 Sense of the Senate climate change resolution calling on the Congress to enact a mandatory, market-based program to slow, stop, and reverse the growth of greenhouse gases, the issue of related costs has taken on increased importance. Indeed, the resolution itself states that the program should be enacted at a rate and in a manner that "will not significantly harm the United States economy" and "will encourage comparable action" by other nations. Facets of the cost issue that have raised concern include absolute costs to the economy, distribution of costs across industries, competitive impact domestically and internationally, incentives for new technology, and uncertainty about possible costs. In general, market-based mechanisms to reduce greenhouse gas emissions, the most important being carbon dioxide (CO2), focus on specifying either the acceptable emissions level (quantity) or the compliance costs (price), and allowing the marketplace to determine the economically efficient solution for the other variable. For example, a tradeable permit program sets the amount of emissions allowable under the program (i.e., the number of permits available limits or caps allowable emissions), while allowing the marketplace to determine what each permit will be worth. Likewise, a carbon tax sets the maximum unit cost (per ton of CO2 equivalent) that one should pay for reducing emissions, while the marketplace determines how much actually gets reduced. In one sense, preference for a carbon tax or a tradeable permit system depends on how one views the uncertainty of costs involved and benefits to be received.

On December 17, 2003, the Environmental Protection Agency (EPA) issued a proposed rule to address the effect of interstate transport of air pollutants on nonattainment of the National Ambient Air Quality Standards (NAAQS) for fine particulates (PM2.5) and ozone (specifically, the 8-hour standard). The proposed Interstate Air Quality (IAQ) rule appeared in the Federal Register January 30, 2004. For PM2.5, the proposed rule finds that the interstate transport of sulfur dioxide (SO2) and nitrogen oxides (NOx) from 28 states and the District of Columbia contributes significantly to downwind non-attainment; for ozone, the proposed rule finds that interstate transport of NOx from 25 states and D.C. contributes significantly to downwind non-attainment of the 8-hour standard.

Instituting policies to manage or reduce GHGs would likely impact different states differently. Understanding these differences may provide for a more informed debate regarding potential policy approaches. However, multiple factors play a role in determining impacts, including alternative design elements of a GHG emissions reduction program, the availability and relative cost of mitigation options, and the regulated entities' abilities to pass compliance costs on to consumers. Three primary variables drive a state's human-related greenhouse gas (GHG) emission levels: population, per capita income, and the GHG emissions intensity. GHG emissions intensity is a performance measure. In this book, GHG intensity is a measure of GHG emissions from sources within a state compared with a state's economic output (gross state product, GSP). The GHG emissions intensity driver stands apart as the main target for climate change mitigation policy, because public policy generally considers population and income growth to be socially positive. The intensity of carbon dioxide (CO2) emissions largely determines overall GHG intensity, because CO2 emissions account for 85% of the GHG emissions in the United States. As 98% of U.S. CO2 emissions are energy-related, the primary factors that shape CO2 emissions intensity are a state's energy intensity and the carbon content of its energy use. Energy intensity measures the amount of energy a state uses to generate its overall economic output (measured by its GSP). Several underlying factors may impact a state's energy intensity: a state's economic structure, personal transportation use in a state (measured in vehicle miles travelled per person), and public policies regarding energy efficiency. The carbon content of energy use in a state is determined by a state's portfolio of energy sources. States that utilise a high percentage of coal, for example, will have a relatively high carbon content of energy use, compared to states with a lower dependence on coal. An additional factor is whether a state is a net exporter or importer of electricity, because CO2 emissions are attributed to electricity-producing states, but the electricity is used (and counted) in the consuming state. Between 1990 and 2000, the United States reduced its GHG intensity by 1.6% annually. Assuming that population and per capita income continue to grow as expected, the United States would need to reduce its GHG intensity at the rate of 3% per year in order to halt the annual growth in GHG emissions. Therefore, achieving reductions (or negative growth) in GHG emissions would necessitate further declines in GHG intensity.

Part of a series which aims to present work across a broad spectrum of regulation issues, with papers covering a wide range of topics. The volumes review essays of recent books, offering insights into regulation and its processes. A glossary related to securities, law and accounting is included.

Part of a series which aims to present work across a broad spectrum of regulation issues, with papers covering a wide range of topics. The volumes review essays of recent books, offering insights into regulation and its processes. A glossary related to securities, law and accounting is included.

This series is devoted to the factors influencing accounting practice. It analyzes topics such as regulatory philosophy, self-regulation in accounting and regulatory policy. Each volume is structured into three parts - main articles, perspectives and book reviews. This volume includes a theoretical investigation of client internal control structures and management fraud. It also covers topics such as the volatility of pension costs, public accountant's professional conduct, an examination of borrower and lender perceptions, bank loan loss provisions after resignation, retirement or death, and the economic consequences of accounting standards and Islamic banks.