The successful passage of an emissions cap and trade bill through Congress will be no easy task and will involve the intersection of many disciplines and interest groups and much political haggling. The pace of development and implementation of legislation will probably be affected by the diversion of the attention of representatives and the administration on the immediate task of avoiding a deepening of the financial crisis.
An unavoidable development associated with the eventual implementation of a federal scheme is the pre-emption of state and regional carbon markets to avoid overlaps of regulation and markets. Should there be an opportunity for pre-existing emission reduction projects including forestry in both voluntary and state markets to convert to the federal system, a precondition would be that they meet federal standards (Berendt, 2008).
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