PropertyProf Blog

Editor: Stephen Clowney
Univ. of Arkansas, Fayetteville

A Member of the Law Professor Blogs Network

Friday, November 30, 2007

Rose on Carbon Trading

Carol Rose (Arizona) has posted From H20 to C02: Lessons of Water Rights for Carbon Trading on SSRN.  Here's the abstract:

Interest in climate change has generated many proposals for cap-and-trade programs to control greenhouse gases. Longstanding American water rights regimes may have some lessons for these new proposals. Nineteenth century eastern water law focused on the cap - keeping water instream - and particularly illustrates the importance of mobilized constituencies in any program that entails capping resource use. Western water law focused on individualized and supposedly tradable rights, and its experience shows especially the significance of rights-definition both for the content and for the tradability of rights. As with water rights, both content and tradability in the new rights regimes are likely to match only imperfectly the goals that we want a cap-and-trade program to serve. For that reason, the historical experience of both water regimes also suggests the important role that surrounding and supporting institutions will play to facilitate trade under imperfect circumstances, and to reassure participants of the standards, accountability, and acceptability of the cap-and-trade regime.

Ben Barros

[Comments are held for approval, so there will be some delay in posting]

http://lawprofessors.typepad.com/property/2007/11/rose-on-carbon.html

Natural Resources, Property Theory | Permalink

TrackBack URL for this entry:

http://www.typepad.com/services/trackback/6a00d8341bfae553ef00e54f928cae8833

Listed below are links to weblogs that reference Rose on Carbon Trading:

Comments

I wonder about the underlying principles of this comparison. Water is a resource, CO2 is a pollutant. Comparing resource-sharing to pollutant-minimalisation seems to lack validity.

Posted by: Doug Stewart | Dec 1, 2007 9:57:20 AM

Post a comment