Congress is likely to consider domestic climate change legislation during 2009, with a cap-and-trade system continuing to draw support from the Obama Administration and many leaders in Congress. Yet cap-and-trade regulations would take years for EPA to develop and implement, the desired price...

In recent years, it has become increasingly clear that China’s rapid economic development has come at a significant environmental cost. Pollution problems are now a source of serious public concern, at times even social unrest. The government has responded with an ambitious reform program that...