Obama to release climate plan next week
President Obama is expected to announce plans to address climate change policy in the coming weeks.
Speaking at the United Nations Climate Chang Conference in Germany, the president acknowledged the importance of US participation in order for any climate plans to be effective.
In his State of the Union address earlier this year, President Obama vowed to take executive action if Congress was unable to agree on any legislation regarding climate change.
This executive action is likely to come initially in the form of regulations on power plants, which are one of the main sources of national emissions.
The Environmental Protection Agency has already begun work on establishing standards for future power plants, and is developing new regulations for existing power plants as well.
Many states have already undertaken their own designs to address climate change.
Several states in the northeast are members of Regional Greenhouse Gas Initiative, a cap-and-trade carbon market.
On the other side of the country, California launched its own carbon market that aims to reduce emissions to 1990 levels by 2020.
So far California carbon allowance auctions have resulted in revenues of nearly $800 million that will be used to fund other emission reduction projects.
The California system includes the use of carbon credits, which are verified emission reductions produced from one of a only a few project types, including forestry.