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1、he ForREE。UlRcES 由/% FUTU REansm, tne n Act, and ion Fee ActUnion Carb( AdjustmentAbouttheAuthorsMilanElkerboutisafellowatRFFworkingoninternationalclimatepolicyandonEuropeanclimatepoliciestodecarbonizeenergy-intensiveindustriesinparticular.HehasworkedextensivelyontheEuropeanUnionsemissionstradingsys
2、tem(EUETS),itsvariousreforms,anditsroleindecarbonizingindustry.Elkerbouthasledpolicyresearchongreensteelcarboncaptureandcarbonremovals,carbonleakage,climateclubs,aswellastheEUsresponsetotheCOVID-19pandemic,energycrisis,andUSInflationReductionAct.Hehasalsowrittenonindustrialandinnovationpolicy,thetra
3、de-climatepolicynexus,andsupranationalgovernance,andhasworkedwithpolicymakers,industry,civilsociety,andacademia.ElkerbouthasabackgroundinEuropeanpoliticaleconomy.Between2014and2023,hewasworkingforCEPS,apolicythinktankinBrussels,asaresearchfellowandheadofitsclimateprogram.Fromspring2019,hespentayeara
4、savisitingfellowatIVLStockholmaspartoftheMistraCarbonExitresearchprogram.RaymondKoppisaseniorfellowatResourcesfortheFuture(RFF).HeholdsPhDandMAdegreesineconomicsandanundergraduatedegreeinfinance.HehasbeenamemberoftheRFFresearchstaffsince1977andhasheldavarietyofmanagementpositionswithintheinstitution
5、.Koppsinterestinenvironmentalpolicybeganinthelate1970s,whenhedevelopedtechniquestomeasuretheeffectofpollutioncontrolregulationsontheeconomicefficiencyofsteamelectricpowergeneration.HethenledthefirstexaminationofthecostofmajorU.S.environmentalregulationsinafull,generalequilibrium,dynamiccontextbyusin
6、ganapproachthatisnowwidelyacceptedasstate-of-the-artincost-benefitanalysis.DuringhiscareerKopphasspecializedintheanalysisofenvironmentalandnaturalresourceissueswithafocusonfederalregulatoryactivity.Heisanexpertintechniquesofassigningvaluetoenvironmentalandnaturalresourcesthatdonothavemarketprices,wh
7、ichisfundamentaltocost-benefitanalysisandtheassessmentofdamagestonaturalresources.Koppscurrentresearchinterestsfocusonthedesignofdomesticandinternationalpolicestocombatclimatechange.KevinRennertisafellowatRFF,wherehefirstjoinedasavisitingfellowin2017.PriortohisarrivalatRFF,Rennertservedasdeputyassoc
8、iateadministratorfortheOfficeofPolicyattheUSEnvironmentalProtectionAgency.LeadinguptohisappointmentintheOfficeofPolicy,heworkedassenioradvisoronEnergyfortheSenateFinanceCommittee.Inthatrole,RennertadvisedthecommitteesChairman,SenatorRonWyden(D-OR)zonawiderangeoftopicsrelatedtocleanenergy,efficiency,
9、andpoliciestoreducegreenhousegasemissions.From2008to2014,heworkedonenergyandclimatelegislationasseniorprofessionalStafffortheSenateEnergyCommittee.Inthatcapacity,RennertledthedevelopmentoftheCleanEnergyStandardActof2012(S.2146),apresidentialprioritythatwouldusemarketmechanismstodoubletheamountofelec
10、tricitygeneratedintheUSfromloworzerocarbonsourcesby2035.In2010and2011,RennertalsotaughtgraduatecoursesinenergypolicyasadjunctfacultyintheDepartmentofStrategicManagementandPublicPolicyatGeorgeWashingtonUniversity.AboutRFFResourcesfortheFuture(RFF)isanindependent,nonprofitresearchinstitutioninWashingt
11、on,DC.Itsmissionistoimproveenvironmental,energy,andnaturalresourcedecisionsthroughimpartialeconomicresearchandpolicyengagement.RFFiscommittedtobeingthemostwidelytrustedsourceofresearchinsightsandpolicysolutionsleadingtoahealthyenvironmentandathrivingeconomy.Theviewsexpressedherearethoseoftheindividu
12、alauthorsandmaydifferfromthoseofotherRFFexperts,itsofficers,oritsdirectors.SharingOurWorkOurworkisavailableforsharingandadaptationunderanAttribution-NoncommerciaI-NoDerivatives4.0International(CCBY-NC-ND4.0)license.Youcancopyandredistributeourmaterialinanymediumorformat;youmustgiveappropriatecredit,
13、providealinktothelicense,andindicateifchangesweremade,andyoumaynotapplyadditionalrestrictions.Youmaydosoinanyreasonablemanner,butnotinanywaythatsuggeststhelicensorendorsesyouoryouruse.Youmaynotusethematerialforcommercialpurposes.Ifyouremix,transform,orbuilduponthematerial,youmaynotdistributethemodif
14、iedmaterial.Formoreinformation,visitAbstractInatworecentpublications,CarbonBorderAdjustments:DesignElements,Options,andPolicyDecisionsandForeignPollutionFeeActDesignElements,Options,andPolicyDecisions,weprovidedanoverviewandcomparisonofcurrentborderadjustmentmechanisms(BAMs).Inthefirstpublicationwef
15、ocusedontheEuropeanUnionsCarbonBorderAdjustmentMechanism(EUCBAM);theFair,Affordable,Innovative,andResilientTransitionandCompetitionAct(FAIRAct),sponsoredbySenatorChrisCoons(D-DE);andtheCleanCompetitionAct(CCA)zbySenatorSheldonWhitehouse(D-RI).InthesecondpublicationwereviewedanewpieceofproposedUSSena
16、telegislation,theForeignPollutionFeeAct(FPFA)zintroducedbySenatorBillCassidy(R-LA)zSenatorLindseyGraham(R-SC)zandSenatorRogerWicker(R-MS).InthisreportweprovidemoredetailontheEUCBAMandcompareittotheFPFAandtheCCA,whichwasreintroducedonDecember6,2023.A great deal of the FPFA description used in this report is reproduced from ourpublication Foreign Pollution Fee Act: Design Elements, Options, and Policy Decisions.Thisreportusesthedesignelementsintroduce
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