Although the United States has not yet adopted a national greenhouse gas cap-and-trade program, carbon trading is nonetheless an active industry. Private companies continue to participate in voluntary carbon markets despite the closure of the Chicago Climate Exchange. On the east coast, the Regional Greenhouse Gas Initiative (“RGGI”) forges into its seventh year, while in the west, California, a pioneer of cap- and-trade, launched its own statewide greenhouse gas cap and trade program. While these state efforts to curb greenhouse gases are laudable, the disparate cap-and-trade programs have yielded inconsistent definitions of carbon credits. To promote efficiency in this new market, buyers and sellers must be assured of their rights over the carbon they trade.
Monterubio, John. "Recognition of Property Rights in Carbon Credits Under California’s New Greenhouse Gas Cap-and-Trade Program." Sustainable Development Law & Policy 12, no. 2 (2012): 32, 64-65.