Regulations only a first step in cutting emissions

Intensifying calls for action on climate change have led to a variety of proposed regulations to cut greenhouse gas emissions from specific sources of the economy, including, most recently, the environmental protection agency's (EPA) rule on coal power plants. Examining the costs and effects of such regulatory approaches, MIT researchers found that source-specific regulations will reduce emissions, but not enough to substantially slow future climate change—and at a steep cost compared to price-based policies. However, if regulations are combined with a price-based policy further down the road, such a two-step approach would have significant benefits for climate, at a lower cost in the future than regulations alone.

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