Border Carbon Adjustment Mechanisms (BCAMs) are becoming reality in the EU and elsewhere, and recur—in very different form—in U.S. legislative proposals. But they remain contentious, with features and differences that leave the underlying welfare rationale and implications unclear. Exploring...

International cooperation on climate change and trade is intensifying, as highlighted by numerous initiatives launched at the multilateral, plurilateral, and bilateral levels. This is an encouraging development, signaling the major role of trade policy in supporting decarbonization efforts and...

The rationale of voluntary corporate initiatives is often explained with preparedness for future regulation. We test this hypothesis for the Chicago Climate Exchange (CCX) and the Climate Leaders (CL), two popular voluntary US environmental programs to curb carbon emission that were operating...