This symposium, hosted by the International Emissions Trading Association (IETA) in Washington, DC on 3 November 2009, welcomed a forum of leading economists to review the fundamental elements of proper market design for a federal cap-and-trade program for greenhouse gas emissions. The symposium was attended by various business leaders and energy and climate change experts. The program included the release of an analysis of the economics of greenhouse gas trading prepared by Bruce Brain of AEP and Ben Feldman of JP Morgan Chase ("Economics of Greenhouse Gas Trading: Reaching Economic Goals Cost Effectively"). The paper concluded that emissions trading markets are highly cost-effective in limiting climate change and function well when properly designed. NERA Senior Vice President and Environment Group Head Dr. David Harrison prepared a keynote address and commentary, along with Dr. Denny Ellerman of MIT. Drawing upon extensive experience with various prior emissions trading programs, Dr. Harrison discussed the key design elements of a greenhouse gas cap-and-trade program. He also provided an overview of the lessons and implications of the existing experience with emissions trading both in the US and Europe.

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