Allowance trading program

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Affected sources, such as power plants, that are included in an emissions trading program receive allowances that authorize a certain amount of pollution. Depending on the program, sources receive allowances in different ways, such as free allocations or auctions.

Once an affected source has an allowance, the source can decide whether to use it for compliance, trade it in the allowance market, or save that allowance for compliance in the future. Emissions trading programs provide affected sources with the flexibility to choose among many options to comply with the environmental goal.

Sources can also purchase allowances from the market, which provides the incentive for other affected sources to reduce their emissions more than necessary so that they can sell or bank surplus allowances. Successful emissions trading programs require sources to monitor the pollution they emit through very accurate methods, such as continuous emissions monitoring systems, and report those data.

Incentives for efficiency and innovation that lower implementation costs. Incentive for early pollution reductions as a result of the ability to bank surplus allowances. Low administrative costs. Accountability for reducing, tracking and reporting emissions. A significant number of sources are responsible for the pollution problem. Emissions can be consistently and accurately measured.