title: Pseudosuchia

text: The end-Triassic extinction caused the extinction of all the pseudosuchians with the exception of Sphenosuchia and Crocodyliformes (both Crocodylomorpha), the latter being the ancestors of modern-day crocodiles. A study published in 2010 postulates that there is significant evidence that volcanic eruptions changed the climate, causing a mass extinction that wiped out the dinosaurs' main competitors. This allowed the dinosaurs to succeed them as the dominant terrestrial carnivores and herbivores.


title: Pseudosuchia

text: As the Mesozoic progressed, the Protosuchia gave rise to more typically crocodile-like forms. While dinosaurs were the dominant animals on land, the crocodiles flourished in rivers, swamps, and the oceans, with far greater diversity than they have today. With the end-Cretaceous extinction, the dinosaurs became extinct, with the exception of the birds, while the crocodilians continued with little change. Today, the crocodiles, alligators, and gharials are the surviving representatives of this lineage.


title: Pseudosuchia

text: Interestingly, the Mesozoic range of cranial disparity is higher than the Triassic one, suggesting crocodylomorphs attained a high degree of diversification compared to Triassic pseudosuchians.


title: Pseudosuchia

text: Pseudosuchia was defined as a stem-based clade in 1985. It includes crocodiles and all archosaurs more closely related to crocodiles than to birds. A second clade with a similar definition, Crocodylotarsi, was named in 1988, possibly as a replacement for Pseudosuchia. The name Pseudosuchia, meaning "false crocodiles", has been used for over a century, and traditionally included only aetosaurs, but when defined as a clade, Pseudosuchia came to include the group Eusuchia ("true crocodiles") as well. Crocodylotarsi may have been named to remove confusion, but as a stem-based clade, it is synonymous with Pseudosuchia. Because Pseudosuchia was named first, it has precedence. A third group, Crurotarsi, traditionally included the same archosaurs as Pseudosuchia, but as a node-based clade it is not synonymous. The scope of Crurotarsi has recently been changed by the phylogenetic placement of phytosaurs. In 2011, Sterling J. Nesbitt found phytosaurs to be the sister taxon of Archosauria, and therefore not crocodile-line archosaurs. Because phytosaurs are included in the definition of Crurotarsi, crurotarsans are not solely crocodile-line archosaurs, but also bird-line archosaurs and phytosaurs. Under this phylogeny, Crurotarsi includes phytosaurs, crocodiles, pterosaurs, and dinosaurs, while Pseudosuchia still contains only crocodile-line archosaurs. Below is a cladogram modified from Nesbitt (2011) showing the new changes (bold terminal taxa are collapsed).


title: Pseudosuchia

text: The following cladogram is from a slightly older study, Brusatte, Benton, Desojo and Langer (2010). Bold terminal taxa are collapsed. Several results of the study, such as the retention of a monophyletic Rauisuchia, the retention of phytosaurs within Pseudosuchia, and a close relation between aetosaurs and crocodylomorphs, replicate the results of older studies. However, the findings of Nesbitt (2011) have been more widely supported by pseudosuchian-focused analyses published since 2011.


title: Solé

text: Tonya Michelle Johnston (born July 17, 1973), better known by her stage name Solé, is an American rapper from Kansas City, Missouri.


title: Solé

text: Solé was born in 1973 in Kansas City, Missouri, to Phyllis Frazier and James Johnston, Her siblings are Sean and Charles (Chuck) Johnston, Sierra and Tamika Gamble.


title: Solé

text: She is of West African, East African, Tamil (South Indian), Native American and Eastern European descent.


title: Solé

text: She attended cosmetology school and college in the early 90’s where she studied Political Science and Psychology before securing a record deal with Dreamworks Records and Red Zone Entertainment


title: Solé

text: Solé descended from a family of musical talent, song writers, singers and musicians. She began rapping at the age of 6 and formed a group called Divine with her best friend Shurhea Mitchell in 1986. The would perform at local talent shows and in 1990 they won a trip to the BRE (Black Radio Exclusive) in New Orleans, Louisiana, to perform at a showcase in front of record label execs and other artists. They were offered a record deal by JDK Records and flew to New York to record. Her father, who was managing them at the time, didn’t feel it was a good deal so they went back home and started college.


title: Solé

text: She once again began recording in 1997 with Tech 9 and Don Juan of Kansas City fame and traveled to LA to record. She met Thabiso Nkhereanye who introduced her to Christopher Tricky Stewart of Red Zone Entertainment, who signed her to a production deal. Her career took off as a hardcore female hip hop artist by attracting attention in the summer of 1999 with her appearance on J.T. Money's hit single "Who Dat," which reached number 1 on the US Rap chart, remaining there for 8 weeks (a record at the time), winning number 2 on the US R&B chart, and number 5 on the US Hot 100. Who Dat won "Rap Single of the Year" at the 1999 Billboard Music Awards as well.


title: Solé

text: In September 1999, she released her debut album "Skin Deep", which was an overall success in the United States attaining Gold status and garnered her a nomination for "Rap Artist of the Year" at the Billboard Music Awards. She also went on to win several ASCAP Music awards that same year.


title: Solé

text: Her highly anticipated return to music was guided by a desire to offer music that is empowering and inspiring, reflective of the path that she embarked upon when she left the industry.


title: Solé

text: In 2011 she was featured on “Naal Naachna" by UK based Bhangra artist Jassi Sidhu lead singer of British Indian bhangra band B21.


title: Solé

text: In 2017 she was featured on "SocMed Digital Heroin" from Public Enemy 30th-anniversary album "Nothing Is Quick In The Desert".


title: Solé

text: Solé met Ginuwine in June 1999 and began dating in October 1999. The two became engaged in August 2000. They resided in Brandywine, Maryland. They have two daughters together: Story (born March 29, 2001) and Dream Sarae Lumpkin (born November 1, 2002). Solè married Ginuwine on September 8, 2003 in Grand Cayman.


title: Solé

text: Solé has 4 daughters in total and one grand daughter. Her daughters De'jan Nicole Lee born in 1992 and Cypress Soleil Lee born in 1995 are from a previous relationship. Her granddaughter, Sage Lotus Lee was born May 17, 2020.


title: Solé

text: In 2014, Solé filed for divorce and it was made public when In November 2014 Ginuwine announced he and Solé had separated. Their divorce was finalized July 22, 2015.


title: Solé

text: On August 27, 2017, Solé married Public Enemy band member and rapper Professor Griff, taking his last name Shah and legally changing her full name to Aja Shah.


title: Iron Duke engine

text: The Iron Duke engine (also called 151, 2500, Pontiac 2.5, and Tech IV) is a Straight-4 piston engine built by the Pontiac Motor Division of General Motors from 1977 to 1993. Thereafter GM's 2.2 L OHV 4-cylinder replaced it across the entire lineup of vehicles that offered it. Although its original purpose was to serve as Pontiac's new economy car engine, it was later adapted for use in a wide variety of applications across GM's lineup in the 1980s.


title: Iron Duke engine

text: At the time of the 1973 oil crisis the only engines Pontiac built were , , and versions of their V8 engine. Recognizing that future products would need to be smaller and more fuel-efficient, Pontiac engineers were tasked with developing a new engine that would be suitable for these future products. The engineers considered developing smaller displacement versions of the existing V8, a V6 derived from the V8, a V4 derived from the V8, and an inline-four derived from one of the cylinder banks of the V8 (in the same fashion the 1961 Pontiac Tempest's "Trophy 4" engine), but ultimately decided to create an entirely new four-cylinder engine.


title: Iron Duke engine

text: The development team's design goals were to minimize noise and vibration while maximizing durability, drivability, fuel economy, and "usable" power at lower engine speeds. They began by analyzing other four-cylinder engines in production at General Motors at the time, and they found that GM do Brasil's version of the Chevrolet 153 cu in four-cylinder—with a shorter stroke and longer connecting rods—had significantly reduced secondary vibration as compared to the original Chevrolet design and the newer 2.3 L four-cylinder from the Chevrolet Vega. This obviated the need for counter-rotating balance shafts, which would have increased the weight, complexity and cost of the engine. Despite sharing the same bore, stroke and cylinder spacing as the Brazilian engine, the majority of parts are not interchangeable.


title: Iron Duke engine

text: Focusing on making power at lower engine speeds was a deliberate consideration in order to meet the rest of the design goals. Careful consideration was made to the design of the intake manifold and exhaust gas recirculation system to ensure power output from each cylinder was equalized. Power consumption of the water and oil pumps were reduced, and the piston rings, cylinder bores and crankshaft journals were designed to minimize friction.


title: Iron Duke engine

text: To maximize durability the engine block was made of cast iron with five main bearings, rather than the relatively fragile cast aluminum block used by the 2.3 L Vega engine. (Even with the cast iron block the Iron Duke only weighed about 20 pounds more.) The 2.3 L engine's belt-driven overhead camshaft was eschewed in favour of an overhead valve design with timing gears. Specially-designed bolts that stretch slightly farther than a conventional bolt were used to secure the intake and exhaust manifolds to the cylinder head, to allow slight movement while maintaining the seal of the gaskets in order to prevent cracking the manifolds as they expand with heat.


title: Iron Duke engine

text: A two-stage, two-barrel carburetor with electric choke was used to improve performance in cold starts, while heat shields incorporated underneath the carburetor and between the intake and exhaust manifolds were used to prevent heat soaking the gasoline in the carburetor thereby improving performance in hot weather. Recognizing that cars with four-cylinder engines equipped with air conditioning tended to experience drivability issues in hot weather, other improvements were made including a cut-off switch that shut the compressor off at wide open throttle and a delay incorporated into the air conditioning's circuitry to prevent the compressor from engaging on until twelve seconds after the engine was started.


title: Iron Duke engine

text: The Iron Duke's first applications were in the 1977 Astre and Sunbird subcompact cars, replacing the 2.3 L Vega engine, and in the compact Phoenix. As these cars were originally designed for Chevrolet engines the Iron Duke also used the Chevrolet bell housing bolt pattern, instead of the Buick-Oldsmobile-Pontiac V8 pattern. The following year use of the engine expanded to the Sunbird's Chevrolet and Oldsmobile twins, the Monza and Starfire.


title: Iron Duke engine

text: For model year 1979 the engine was extensively redesigned. The original reverse-flow cylinder head was replaced by a crossflow design, a new two-barrel carburetor called "Vara-Jet" was introduced, the distributor was relocated, and the size of the oil pan was reduced. The only parts carried over from the 1978 engines were the connecting rods. Peak power increased to 90 hp.


title: Iron Duke engine

text: For 1980 the Iron Duke engine was redesigned to be mounted transversely, to suit the new front-drive General Motors "X-body" cars. The bellhousing bolt pattern was revised to match that of the new 60° V6 engine.


title: Iron Duke engine

text: GM also began selling the engine to American Motors Corporation (AMC) starting with 1980 model year. It was the base engine in Spirit, Concord, and Eagle automobiles, as well as in base-model Jeep CJs. The engines purchased by AMC continued to use the Chevrolet V8 bellhousing pattern. The four-cylinder engine was dropped from AMC rear-wheel drive models after 1982. During 1983, the all-wheel drive Eagle base engine switched from the Iron Duke to a new, AMC-developed four-cylinder. The 1983 Jeep CJs were the last with the Iron Duke as base engine.


title: Iron Duke engine

text: Iron Dukes were fitted with fuel injection (TBI, via a single injector in the throttle body) in 1982. This version was christened the Tech IV, though "Car and Driver" later ridiculed it as the "low"-Tech IV. Power output increased to .


title: Iron Duke engine

text: This was replaced by a swirl-port head with 9.0:1 (instead of 8.25:1) compression ratio in 1984 for a gain. Other additions for 1985 included roller lifters, improved bearings, and a new crankshaft. Several significant changes were made in 1987, which included: an improved cylinder head, intake manifold and throttle-body fuel injection module, a more-modern serpentine belt with an automatic spring-loaded tensioner for the accessories, and a Distributorless Ignition System (DIS). This revision to the engine increased power to . In 1988, a balance shaft was added to smooth engine vibrations. Up to this point, the engine incorporated a 'dogbone' upper front engine mount secured to the cowling of the vehicle's hood latch, aiding in controlling the vibration. Further improvements in later years included new pistons, rods, crankshaft, and an in-pan oiling system. The most powerful variant of the Tech IV raised the rev limit to 5500 rpm, and achieved . The Tech IV uses the same bellhousing pattern as the 2.8 L "60-Degree" V6. Over the years, the Tech IV engine has proved to be a reliable workhorse for owners when not pushed to its limits. All 1978-1990 Iron Duke engines used a micarta camshaft gear that meshed directly with a steel gear on the crankshaft. 1991-92 VIN R and U engines used a timing chain instead.


title: Iron Duke engine

text: The Iron Duke block formed the basis of Pontiac's "Super Duty" four-cylinder racing engines of the 1980s, the last in a line of high-performance Pontiac Super Duty engines. The engines were featured in NASCAR's Charlotte/Daytona Dash Series, the IMSA GT Championship (in GTP and GTU class cars), and even in American Power Boat Association racing boats. Super Duty engines continued to be used in ARCA racing until well into the 2000s.


title: Iron Duke engine

text: In addition to parts matching the Iron Duke's stock 2.5 L displacement other crankshafts and their corresponding connecting rods were offered by Pontiac Motorsports, resulting in displacements ranging from 2.1 L to 3.2 L. A 2.7 L, Super Duty engine powered the 1984 Fiero Indy Pace Car to over during the race, but Super Duty engines were never available in factory-built GM vehicles. However, GM sold the Super-Duty-specific parts at authorized dealers; a hobbyist could order all of the parts required to convert their stock Iron Duke engine to a Super Duty version.


title: Iron Duke engine

text: Kansas Racing Products continued to make the engines in the early 21st century after buying rights to make them from GM.


title: Iron Duke engine

text: Cosworth also produced a 16-valve, double-overhead cam head for the 3.0 L version of the racing engine (Cosworth Project DBA, 1987).


title: Totie Fields

text: Fields was born Sophie Feldman in Hartford, Connecticut. She started singing in Boston clubs while still in high school, taking the stage name of Totie Fields. She was Jewish.


title: Totie Fields

text: Fields gained fame during the 1960s and 1970s. After years of Fields' successful appearances in nightclubs, Ed Sullivan gave Fields her first big break when he booked her on his show after seeing her perform at the Copacabana in New York in March 1964. She made multiple appearances on "The Ed Sullivan Show", "The Mike Douglas Show", "The Merv Griffin Show", and "The Tonight Show Starring Johnny Carson". She also appeared in a 1971 episode of "The Carol Burnett Show" (Season 4, Episode 21) and a 1972 episode of "Here's Lucy" (Season 5, Episode 7) starring Lucille Ball.


title: Totie Fields

text: It was on Mike Douglas in 1974 that Totie met the band Kiss, who were making their first national TV appearance. Fields joked that it would be funny if bassist Gene Simmons, under the makeup, turned out to be "just a nice Jewish boy." Simmons (who is not only Jewish but was born in Israel) responded "You should only know", to which Fields said, "I do! You can’t hide the hook!" (Simmons and Fields became friends and corresponded until her death.)


title: Totie Fields

text: Fields also appeared on various television game shows in the late 1960s and 1970s, including multiple episodes of both "Hollywood Squares" and "Tattletales" with her husband George Johnston.


title: Totie Fields

text: In 1972, Fields wrote a humorous diet book titled "I Think I'll Start on Monday: The Official 8½ Oz. Mashed Potato Diet".


title: Totie Fields

text: Fields was plagued with health problems in the last years of her life. She suffered from diabetes and in March 1976 she had surgery to remove a blood clot but it failed and she developed phlebitis. In April 1976, her left leg was amputated above the knee. This caused her to use a scooter for mobility and file a $2 million lawsuit against the hospital and doctors who had initially treated her. While still recovering from the amputation, Fields suffered two heart attacks.


title: Totie Fields

text: Fields' last television appearance before her surgery was in a rare straight dramatic guest-starring role on the CBS-TV drama series "Medical Center", which aired on February 23, 1976. In that episode, "Life, Death, and Mrs. Armbruster", Fields played Phoebe Armbruster, a hospital janitor plagued by heart problems.


title: Totie Fields

text: In June 1977 a much-thinner Fields starred in the Home Box Office special series "Standing Room Only", beginning her show seated in a wheelchair. As the audience welcomed her, she stood up, causing the cheering audience to stand with her. Said Fields: "I've waited all my life to say this ... I weigh less than Elizabeth Taylor!" Rather than avoid the subject, she used her amputation as material in her touring comedy act at theaters around the country.


title: Totie Fields

text: In October 1977, Fields was diagnosed with breast cancer and had a mastectomy to remove her right breast and also had an eye operation. However, Fields continued to perform, incorporating her health problems into her act. As a result, this changed the tone of her humor. Actor Van Johnson, who was a friend of Fields, was said to have remarked, "When Totie lost weight, she wasn't funny anymore."


title: Totie Fields

text: Nevertheless, in 1978, during the last year of her life, Fields was voted "Entertainer of the Year" and "Female Comedy Star of the Year" by the American Guild of Variety Artists.


title: Totie Fields

text: On August 2, 1978, Fields was scheduled to begin a two-week engagement at Las Vegas’ Sahara Hotel when, on the eve of the opening, she was stricken at home by a blood clot, suffering a fatal pulmonary embolism. She was rushed to nearby Sunrise Hospital & Medical Center, but was pronounced dead soon after. Her ashes were interred in Las Vegas; however, after her husband George Johnston's death in January 1995, her remains were moved to the Mount Sinai Memorial Park Cemetery in Los Angeles to be interred with his.


Jaypee Institute of Information Technology (JIIT) is a private deemed-to-be-university, situated in Noida, Gautam Buddha Nagar district, Uttar Pradesh, India.


title: Jaypee Institute of Information Technology

text: The institute was founded in 2001 by Jaypee Group and commenced its operation in the start of academic year in July 2001. Initially it was affiliated to the state university Jaypee University of Information Technology, Waknaghat and started offering only diploma courses. By 1 November 2004, it was declared as a Deemed University by UGC.


text: JIIT, Noida is located in the corporate and housing hub at sector-62, Noida. The sector-128 campus is an extension to the main campus.


text: Jaiprakash Gaur was the founder chairman and chancellor of the institute followed by his son Manoj Gaur, who served as the 2nd chancellor of the institute. He was succeeded by Dr. Yajulu Medury, who is serving as the current chancellor of the institute. Dr. J. P. Gupta was the institute founder director and first vice-chancellor. He was followed by Dr. S. C. Saxena and he is serving as the current vice-chancellor (acting) from 1 July 2011, onward. Dr. Shankar Lall Maskara was the first Dean of Academic & Research of Sector-62 campus; he was followed by Dr. Krishna Gopal.


text: The institute has two campuses in Noida, the main campus located in sector 62, and the other located in sector 128.


text: Institute offers undergraduate programs leading to a Bachelor of Technology degree and postgraduate program leading to a Master of Technology degree. A five-year dual degree program and doctorate research programs are also offered. The institute also offers BBA & MBA programs under its constituent Jaypee Business School(JBS) which offers specialization in various major and minor subjects like digital marketing, business analytics etc.


text: All undergraduate and postgraduate programs of the institute have been accredited by the National Board of Accreditation of AICTE.


text: In 2010, the Government of India decided to derecognise 44 universities including JIIT. However, this matter is still pending. In its recent judgement the Supreme Court of India directed the University Grants Commission to conduct a fresh physical verification of infrastructure and faculty strength of deemed universities, which were black-listed by the Tandon Committee. However, in early 2017, JIIT regained its deemed university status and is now NAAC accredited. JIIT received approval by AICTE in 2018.


text: The university was ranked in the 101-150 band among universities in India by the National Institutional Ranking Framework (NIRF) in 2020, in the 151–200 band overall and 96 in the engineering ranking.


title: Emissions trading

text: Emissions trading is a market-based approach to controlling pollution by providing economic incentives for reducing the emissions of pollutants. The concept is also known as cap and trade (CAT) or emissions trading scheme (ETS). Carbon emission trading for and other greenhouse gases has been introduced in China, the European Union and other countries as a key tool for climate change mitigation. Other schemes include sulfur dioxide and other pollutants.


title: Emissions trading

text: In an emissions trading scheme, a central authority or governmental body allocates or sells a limited number (a "cap") of permits that allow a discharge of a specific quantity of a specific pollutant over a set time period. Polluters are required to hold permits in amount equal to their emissions. Polluters that want to increase their emissions must buy permits from others willing to sell them.


title: Emissions trading

text: Emissions trading is a type of flexible environmental regulation that allows organizations and markets to decide how best to meet policy targets. This is in contrast to command-and-control environmental regulations such as best available technology (BAT) standards and government subsidies.


title: Emissions trading

text: Pollution is a prime example of a market externality. An externality is an effect of some activity on an entity (such as a person) that is not party to a market transaction related to that activity. Emissions trading is a market-based approach to address pollution. The overall goal of an emissions trading plan is to minimize the cost of meeting a set emissions target.


title: Emissions trading

text: In an emissions trading system, the government sets an overall limit on emissions, and defines permits (also called allowances), or limited authorizations to emit, up to the level of the overall limit. The government may sell the permits, but in many existing schemes, it gives permits to participants (regulated polluters) equal to each participant's baseline emissions. The baseline is determined by reference to the participant's historical emissions. To demonstrate compliance, a participant must hold permits at least equal to the quantity of pollution it actually emitted during the time period. If every participant complies, the total pollution emitted will be at most equal to the sum of individual limits. Because permits can be bought and sold, a participant can choose either to use its permits exactly (by reducing its own emissions); or to emit less than its permits, and perhaps sell the excess permits; or to emit more than its permits, and buy permits from other participants. In effect, the buyer pays a charge for polluting, while the seller gains a reward for having reduced emissions.


title: Emissions trading

text: Emissions Trading results in the incorporation of economic costs into the costs of production which incentivizes corporations to consider investment returns and capital expenditure decisions with a model that includes the price of carbon and greenhouse gases (GHG).


title: Emissions trading

text: In many schemes, organizations which do not pollute (and therefore have no obligations) may also trade permits and financial derivatives of permits.


title: Emissions trading

text: In some schemes, participants can bank allowances to use in future periods. In some schemes, a proportion of all traded permits must be retired periodically, causing a net reduction in emissions over time. Thus, environmental groups may buy and retire permits, driving up the price of the remaining permits according to the law of demand. In most schemes, permit owners can donate permits to a nonprofit entity and receive a tax deductions. Usually, the government lowers the overall limit over time, with an aim towards a national emissions reduction target.


title: Emissions trading

text: According to the Environmental Defense Fund, cap-and-trade is the most environmentally and economically sensible approach to controlling greenhouse gas emissions, the primary cause of global warming, because it sets a limit on emissions, and the trading encourages companies to innovate in order to emit less.


title: Emissions trading

text: There are active trading programs in several air pollutants. An earlier application was the US national market to reduce acid rain. The United States now has several regional markets in nitrogen oxides. For GHG, which cause climate change, carbon emission trade has been introduced in the European Union, China, the UK, Australia, New Zealand, some US states including California and a collection of Northeastern states, and other countries.


title: Emissions trading

text: The efficiency of what later was to be called the "cap-and-trade" approach to air pollution abatement was first demonstrated in a series of micro-economic computer simulation studies between 1967 and 1970 for the National Air Pollution Control Administration (predecessor to the United States Environmental Protection Agency's Office of Air and Radiation) by Ellison Burton and William Sanjour. These studies used mathematical models of several cities and their emission sources in order to compare the cost and effectiveness of various control strategies. Each abatement strategy was compared with the "least-cost solution" produced by a computer optimization program to identify the least-costly combination of source reductions in order to achieve a given abatement goal. In each case it was found that the least-cost solution was dramatically less costly than the same amount of pollution reduction produced by any conventional abatement strategy. Burton and later Sanjour along with Edward H. Pechan continued improving and advancing these computer models at the newly created U.S. Environmental Protection Agency. The agency introduced the concept of computer modeling with least-cost abatement strategies (i.e., emissions trading) in its 1972 annual report to Congress on the cost of clean air. This led to the concept of "cap and trade" as a means of achieving the "least-cost solution" for a given level of abatement.


title: Emissions trading

text: In the United States, the acid rain related emission trading system was principally conceived by C. Boyden Gray, a G.H.W. Bush administration attorney. Gray worked with the Environmental Defense Fund (EDF), who worked with the EPA to write the bill that became law as part of the Clean Air Act of 1990. The new emissions cap on NO and gases took effect in 1995, and according to "Smithsonian" magazine, those acid rain emissions dropped 3 million tons that year.


title: Emissions trading

text: In 1997, the Kyoto Protocol was the first major agreement to reduce greenhouse gases. 38 developed countries (Annex 1 countries) committed themselves to targets and timetables.


title: Emissions trading

text: It is possible for a country to reduce emissions using a command-and-control approach, such as regulation, direct and indirect taxes. The cost of that approach differs between countries because the Marginal Abatement Cost Curve (MAC)—the cost of eliminating an additional unit of pollution—differs by country.


title: Emissions trading

text: An emissions trading scheme for greenhouse gas emissions (GHGs) works by establishing property rights for the atmosphere. The atmosphere is a global public good, and GHG emissions are an international externality (p. 21). The emissions from all sources of GHGs contribute to the overall stock of GHGs in the atmosphere. In the cap-and-trade variant of emissions trading, a limit on access to a resource (the cap) is defined and then allocated among users in the form of permits. Compliance is established by comparing actual emissions with permits surrendered including any permits traded within the cap. The environmental integrity of emissions trading depends on the setting of the cap, not the decision to allow trading.


title: Emissions trading

text: For the purposes of analysis, it is possible to separate efficiency (achieving a given objective at lowest cost) and equity (fairness). Economists generally agree that to regulate emissions efficiently, all polluters need to face the full costs of their actions (that is, the full marginal social costs of their actions). Regulation of emissions that is applied only to one economic sector or region drastically reduces the efficiency of efforts to reduce global emissions. There is, however, no scientific consensus over how to share the costs and benefits of reducing future climate change (mitigation of climate change), or the costs and benefits of adapting to any future climate change (see also economics of global warming).


title: Emissions trading

text: A domestic ETS can only regulate the emissions of the country having the trading scheme. In this case, GHG emissions can "leak" (carbon leakage) to another region or sector with less regulation (p. 21). Leakages may be positive, where they reduce the effectiveness of domestic emission abatement efforts. Leakages may also be negative, and increase the effectiveness of domestic abatement efforts (negative leakages are sometimes called spillover) (IPCC, 2007). For example, a carbon tax applied only to developed countries might lead to a positive leakage to developing countries (Goldemberg "et al.", 1996, pp. 27–28). However, a negative leakage might also occur due to technological developments driven by domestic regulation of GHGs. This can help to reduce emissions even in less regulated regions.


title: Emissions trading

text: One way of addressing carbon leakage is to give sectors vulnerable to international competition free emission permits (Carbon Trust, 2009). This acts as a subsidy for the sector in question. Free allocation of permits was opposed by the Garnaut Climate Change Review as it considered there were no circumstances that justify it and that governments could deal with market failure or claims for compensation more transparently with the revenue from full auctioning of permits. The economically efficient option would, however, be border adjustments (Neuhoff, 2009; Newbery, 2009). Border adjustments work by setting a tariff on imported goods from less regulated countries. A problem with border adjustments is that they might be used as a disguise for trade protectionism. Some types of border adjustment may also not prevent emissions leakage.


title: Emissions trading

text: Tradable emissions permits can be issued to firms within an ETS by two main ways: by free allocation of permits to existing emitters or by auction. Allocating permits based on past emissions is called "grandfathering" (Goldemberg "et al.", 1996, p. 38). Grandfathering permits, just like the other option of selling (auctioning) permits, sets a price on emissions. This gives permit-liable polluters an incentive to reduce their emissions. However, grandfathering permits can lead to perverse incentives, e.g., a firm that aimed to cut emissions drastically would then be given fewer permits in the future. Allocation may also slow down technological development towards less polluting technologies. The Garnaut Climate Change Review noted that 'grandfathered' permits are not 'free'. As the permits are scarce they have value and the benefit of that value is acquired in full by the emitter. The cost is imposed elsewhere in the economy, typically on consumers who cannot pass on the costs. However, profit-maximising firms receiving free permits will raise prices to customers because of the new, non-zero cost of emissions.


title: Emissions trading

text: A second method of "grandfathering" is to base allocations on current production of economic goods, rather than historical emissions. Under this method of allocation, government will set a benchmark level of emissions for each good deemed to be sufficiently trade exposed and allocate firms units based on their production of this good. However, allocating permits in proportion to output implicitly subsidises production. The Garnaut Report noted that any method for free permit allocation will have the disadvantages of high complexity, high transaction costs, value-based judgements, and the use of arbitrary emissions baselines.


title: Emissions trading

text: On the other hand, auctioning permits provides the government with revenues. These revenues could be used to fund low-carbon investment, and also fund cuts in distortionary taxes. Auctioning permits can therefore be more efficient and equitable than allocating permits (Hepburn, 2006, pp. 236–237). Ross Garnaut stated that full auctioning will provide greater transparency and accountability and lower implementation and transaction costs as governments retain control over the permit revenue.


title: Emissions trading

text: Recycling of revenue from permit auctions could offset a significant proportion of the economy-wide social costs of a cap and trade scheme. As well as reducing tax distortions, Kerr and Cramton (1998) note that auctions of units are more flexible in distributing costs, they provide more incentives for innovation, and they lessen the political arguments over the allocation of economic rents.


title: Emissions trading

text: According to Hepburn (2006, pp. 238–239), "it should be expected that industry will lobby furiously against any auctioning". Hepburn "et al." (2006) state that it is an empirical fact that while businesses tend to oppose auctioning of emissions permits, economists almost uniformly recommend auctioning permits. Garnaut notes that the complexity of free allocation, and the large amounts of money involved, encourage non-productive rent-seeking behaviour and lobbying of governments, activities that dissipate economic value.


title: Emissions trading

text: Coase (1960) argued that social costs could be accounted for by negotiating property rights according to a particular objective. Coase's model assumes perfectly operating markets and equal bargaining power among those arguing for property rights.


title: Emissions trading

text: In Coase's model, efficiency, i.e., achieving a given reduction in emissions at lowest cost, is promoted by the market system. This can also be looked at from the perspective of having the greatest flexibility to reduce emissions. Flexibility is desirable because the marginal costs, that is to say, the incremental costs of reducing emissions, varies among countries. Emissions trading allows emission reductions to be first made in locations where the marginal costs of abatement are lowest (Bashmakov "et al"., 2001). Over time, efficiency can also be promoted by allowing "banking" of permits (Goldemberg "et al"., 1996, p. 30). This allows polluters to reduce emissions at a time when it is most efficient to do so.


title: Emissions trading

text: One of the advantages of Coase's model is that it suggests that fairness (equity) can be addressed in the distribution of property rights, and that regardless of how these property rights are assigned, the market will produce the most efficient outcome. In reality, according to the held view, markets are not perfect, and it is therefore possible that a trade off will occur between equity and efficiency (Halsnæs "et al"., 2007).


title: Emissions trading

text: In an emissions trading system, permits may be traded by emitters who are liable to hold a sufficient number of permits in system. Some analysts argue that allowing others to participate in trading, e.g., private brokerage firms, can allow for better management of risk in the system, e.g., to variations in permit prices (Bashmakov "et al.", 2001). It may also improve the efficiency of system. According to Bashmakov "et al". (2001), regulation of these other entities may be necessary, as is done in other financial markets, e.g., to prevent abuses of the system, such as insider trading.


title: Emissions trading

text: Emissions trading gives polluters an incentive to reduce their emissions. However, there are possible perverse incentives that can exist in emissions trading. Allocating permits on the basis of past emissions ("grandfathering") can result in firms having an incentive to maintain emissions. For example, a firm that reduced its emissions would receive fewer permits in the future (IMF, 2008, pp. 25–26). There are costs that emitters do face, e.g., the costs of the fuel being used, but there are other costs that are not necessarily included in the price of a good or service. These other costs are called external costs (Halsnæs "et al.", 2007). This problem can also be criticized on ethical grounds, since the polluter is being paid to reduce emissions (Goldemberg "et al"., 1996, p. 38). On the other hand, a permit system where permits are auctioned rather than given away, provides the government with revenues. These revenues might be used to improve the efficiency of overall climate policy, e.g., by funding energy efficiency programs (ACEEE 2019) or reductions in distortionary taxes (Fisher "et al"., 1996, p. 417).


title: Emissions trading

text: In Coase's model of social costs, either choice (grandfathering or auctioning) leads to efficiency. In reality, grandfathering subsidizes polluters, meaning that polluting industries may be kept in business longer than would otherwise occur. Grandfathering may also reduce the rate of technological improvement towards less polluting technologies (Fisher "et al.", 1996, p. 417).


title: Emissions trading

text: William Nordhaus argues that allocations cost the economy as they cause the under utilisation an efficient form of taxation. Nordhaus argues that normal income, goods or service taxes distort efficient investment and consumption, so by using pollution taxes to generate revenue an emissions scheme can increase the efficiency of the economy.


title: Emissions trading

text: The economist Ross Garnaut states that permits allocated to existing emitters by 'grandfathering' are not 'free'. As the permits are scarce they have value and the benefit of that value is acquired in full by the emitter. The cost is imposed elsewhere in the economy, typically on consumers who cannot pass on the costs.


title: Emissions trading

text: Some economists have urged the use of market-based instruments such as emissions trading to address environmental problems instead of prescriptive "command-and-control" regulation. Command and control regulation is criticized for being insensitive to geographical and technological differences, and therefore inefficient; however, this is not always so, as shown by the WWII rationing program in the U.S. in which local and regional boards made adjustments for these differences.


title: Emissions trading

text: After an emissions limit has been set by a government political process, individual companies are free to choose how or whether to reduce their emissions. Failure to report emissions and surrender emission permits is often punishable by a further government regulatory mechanism, such as a fine that increases costs of production. Firms will choose the least-cost way to comply with the pollution regulation, which will lead to reductions where the least expensive solutions exist, while allowing emissions that are more expensive to reduce.


title: Emissions trading

text: Under an emissions trading system, each regulated polluter has flexibility to use the most cost-effective combination of buying or selling emission permits, reducing its emissions by installing cleaner technology, or reducing its emissions by reducing production. The most cost-effective strategy depends on the polluter's marginal abatement cost and the market price of permits. In theory, a polluter's decisions should lead to an economically efficient allocation of reductions among polluters, and lower compliance costs for individual firms and for the economy overall, compared to command-and-control mechanisms.


title: Emissions trading

text: Assuring compliance with an emissions trading scheme requires measuring, reporting and verification (MRV). These measurements are reported to a regulator. For greenhouse gases, all trading countries maintain an inventory of emissions at national and installation level; in addition, trading groups within North America maintain inventories at the state level through The Climate Registry. For trading between regions, these inventories must be consistent, with equivalent units and measurement techniques.


title: Emissions trading

text: In some industrial processes, emissions can be physically measured by inserting sensors and flowmeters in chimneys and stacks, but many types of activity rely on theoretical calculations instead of measurement. Depending on local legislation, measurements may require additional checks and verification by government or third party auditors, prior or post submission to the local regulator.


title: Emissions trading

text: Enforcement methods include fines and sanctions for polluters that have exceeded their allowances. Concerns include the cost of MRV and enforcement, and the risk that facilities may lie about actual emissions.


title: Emissions trading

text: In contrast, a pollution license for a given location confers the right to emit pollutants at a rate which will cause no more than a specified increase at the pollution-level. For concreteness, consider the following model.


title: Emissions trading

text: Each pollution-license for location formula_13 permits its holder to emit pollutants that will cause at most this level of pollution at location formula_13. Therefore, a polluter that affects water quality at a number of points has to hold a portfolio of licenses covering all relevant monitoring-points. In the above example, if country 2 wants to emit a unit of pollutant, it should purchase two permits: one for location 2 and one for location 3.


title: Emissions trading

text: Montgomery shows that, while both markets lead to efficient license allocation, the market in pollution-licenses is more widely applicable than the market in emission-licenses.


title: Emissions trading

text: Emissions trading through "Gains from Trade" can be more beneficial for both the buyer and the seller than a simple emissions capping scheme.


title: Emissions trading

text: Consider two European countries, such as Germany and Sweden. Each can either reduce all the required amount of emissions by itself or it can choose to buy or sell in the market.


title: Emissions trading

text: Suppose Germany can abate its CO at a much cheaper cost than Sweden, i.e. MAC > MAC where the MAC curve of Sweden is steeper (higher slope) than that of Germany, and R is the total amount of emissions that need to be reduced by a country.


title: Emissions trading

text: On the left side of the graph is the MAC curve for Germany. R is the amount of required reductions for Germany, but at R the MAC curve has not intersected the market emissions permit price of CO (market permit price = P = λ). Thus, given the market price of CO allowances, Germany has potential to profit if it abates more emissions than required.


title: Emissions trading

text: On the right side is the MAC curve for Sweden. R is the amount of required reductions for Sweden, but the MAC curve already intersects the market price of CO permits before R has been reached. Thus, given the market price of CO permits, Sweden has potential to make a cost saving if it abates fewer emissions than required internally, and instead abates them elsewhere.


title: Emissions trading

text: In this example, Sweden would abate emissions until its MAC intersects with P (at R*), but this would only reduce a fraction of Sweden's total required abatement.


title: Emissions trading

text: After that it could buy emissions credits from Germany for the price "P" (per unit). The internal cost of Sweden's own abatement, combined with the permits it buys in the market from Germany, adds up to the total required reductions (R) for Sweden. Thus Sweden can make a saving from buying permits in the market (Δ d-e-f). This represents the "Gains from Trade", the amount of additional expense that Sweden would otherwise have to spend if it abated all of its required emissions by itself without trading.


title: Emissions trading

text: Germany made a profit on its additional emissions abatement, above what was required: it met the regulations by abating all of the emissions that was required of it (R). Additionally, Germany sold its surplus permits to Sweden, and was paid "P" for every unit it abated, while spending less than "P". Its total revenue is the area of the graph (R 1 2 R*), its total abatement cost is area (R 3 2 R*), and so its net benefit from selling emission permits is the area (Δ 1-2-3) i.e. Gains from Trade


title: Emissions trading

text: If the total cost for reducing a particular amount of emissions in the "Command Control" scenario is called "X", then to reduce the same amount of combined pollution in Sweden and Germany, the total abatement cost would be less in the "Emissions Trading" scenario i.e. (X — Δ 123 - Δ def).


title: Emissions trading

text: The example above applies not just at the national level, but also between two companies in different countries, or between two subsidiaries within the same company.


title: Emissions trading

text: The nature of the pollutant plays a very important role when policy-makers decide which framework should be used to control pollution. CO acts globally, thus its impact on the environment is generally similar wherever in the globe it is released. So the location of the originator of the emissions does not matter from an environmental standpoint.


title: Emissions trading

text: The policy framework should be different for regional pollutants (e.g. SO and NO, and also mercury) because the impact of these pollutants may differ by location. The same amount of a regional pollutant can exert a very high impact in some locations and a low impact in other locations, so it matters where the pollutant is released. This is known as the "Hot Spot" problem.


title: Emissions trading

text: A Lagrange framework is commonly used to determine the least cost of achieving an objective, in this case the total reduction in emissions required in a year. In some cases, it is possible to use the Lagrange optimization framework to determine the required reductions for each country (based on their MAC) so that the total cost of reduction is minimized. In such a scenario, the Lagrange multiplier represents the market allowance price (P) of a pollutant, such as the current market price of emission permits in Europe and the USA.


title: Emissions trading

text: Countries face the permit market price that exists in the market that day, so they are able to make individual decisions that would minimize their costs while at the same time achieving regulatory compliance. This is also another version of the Equi-Marginal Principle, commonly used in economics to choose the most economically efficient decision.


title: Emissions trading

text: There has been longstanding debate on the relative merits of "price" versus "quantity" instruments to achieve emission reductions.


title: Emissions trading

text: An emission cap and permit trading system is a "quantity" instrument because it fixes the overall emission level (quantity) and allows the price to vary. Uncertainty in future supply and demand conditions (market volatility) coupled with a fixed number of pollution permits creates an uncertainty in the future price of pollution permits, and the industry must accordingly bear the cost of adapting to these volatile market conditions. The burden of a volatile market thus lies with the industry rather than the controlling agency, which is generally more efficient. However, under volatile market conditions, the ability of the controlling agency to alter the caps will translate into an ability to pick "winners and losers" and thus presents an opportunity for corruption.


title: Emissions trading

text: In contrast, an emission tax is a "price" instrument because it fixes the price while the emission level is allowed to vary according to economic activity. A major drawback of an emission tax is that the environmental outcome (e.g. a limit on the amount of emissions) is not guaranteed. On one hand, a tax will remove capital from the industry, suppressing possibly useful economic activity, but conversely, the polluter will not need to hedge as much against future uncertainty since the amount of tax will track with profits. The burden of a volatile market will be borne by the controlling (taxing) agency rather than the industry itself, which is generally less efficient. An advantage is that, given a uniform tax rate and a volatile market, the taxing entity will not be in a position to pick "winners and losers" and the opportunity for corruption will be less.


title: Emissions trading

text: Assuming no corruption and assuming that the controlling agency and the industry are equally efficient at adapting to volatile market conditions, the best choice depends on the sensitivity of the costs of emission reduction, compared to the sensitivity of the benefits (i.e., climate damage avoided by a reduction) when the level of emission control is varied.


title: Emissions trading

text: Because there is high uncertainty in the compliance costs of firms, some argue that the optimum choice is the price mechanism. However, the burden of uncertainty cannot be eliminated, and in this case it is shifted to the taxing agency itself.


title: Emissions trading

text: The overwhelming majority of climate scientists have repeatedly warned of a threshold in atmospheric concentrations of carbon dioxide beyond which a run-away warming effect could take place, with a large possibility of causing irreversible damage. With such a risk, a quantity instrument may be a better choice because the quantity of emissions may be capped with more certainty. However, this may not be true if this risk exists but cannot be attached to a known level of greenhouse gas (GHG) concentration or a known emission pathway.


title: Emissions trading

text: A third option, known as a "safety valve", is a hybrid of the price and quantity instruments. The system is essentially an emission cap and permit trading system but the maximum (or minimum) permit price is capped. Emitters have the choice of either obtaining permits in the marketplace or buying them from the government at a specified trigger price (which could be adjusted over time). The system is sometimes recommended as a way of overcoming the fundamental disadvantages of both systems by giving governments the flexibility to adjust the system as new information comes to light. It can be shown that by setting the trigger price high enough, or the number of permits low enough, the safety valve can be used to mimic either a pure quantity or pure price mechanism.


title: Emissions trading

text: All three methods are being used as policy instruments to control greenhouse gas emissions: the EU-ETS is a "quantity" system using the cap and trading system to meet targets set by National Allocation Plans; Denmark has a price system using a carbon tax (World Bank, 2010, p. 218), while China uses the CO market price for funding of its Clean Development Mechanism projects, but imposes a "safety valve" of a minimum price per tonne of CO.


title: Emissions trading

text: Cap and trade is the textbook example of an "emissions trading program". Other market-based approaches include baseline-and-credit, and pollution tax. They all put a price on pollution (for example, see carbon price), and so provide an economic incentive to reduce pollution beginning with the lowest-cost opportunities. By contrast, in a command-and-control approach, a central authority designates pollution levels each facility is allowed to emit. Cap and trade essentially functions as a tax where the tax rate is variable based on the relative cost of abatement per unit, and the tax base is variable based on the amount of abatement needed.


title: Emissions trading

text: In a baseline and credit program, polluters can create permits, called credits or offsets, by reducing their emissions below a baseline level, which is often the historical emissions level from a designated past year. Such credits can be bought by polluters that have a regulatory limit.


title: Emissions trading

text: Emissions fees or environmental tax is a surcharge on the pollution created while producing goods and services. For example, a carbon tax is a tax on the carbon content of fossil fuels that aims to discourage their use and thereby reduce carbon dioxide emissions. The two approaches are overlapping sets of policy designs. Both can have a range of scopes, points of regulation, and price schedules. They can be fair or unfair, depending on how the revenue is used. Both have the effect of increasing the price of goods (such as fossil fuels) to consumers. A comprehensive, upstream, auctioned cap-and-trade system is very similar to a comprehensive, upstream carbon tax. Yet, many commentators sharply contrast the two approaches.


title: Emissions trading

text: The main difference is what is defined and what derived. A tax is a price control, while a cap-and-trade system is a quantity control instrument. That is, a tax is a unit price for pollution that is set by authorities, and the market determines the quantity emitted; in cap and trade, authorities determine the amount of pollution, and the market determines the price. This difference affects a number of criteria.


title: Emissions trading

text: Responsiveness to inflation: Cap-and-trade has the advantage that it adjusts to inflation (changes to overall prices) automatically, while emissions fees must be changed by regulators.


title: Emissions trading

text: Responsiveness to cost changes: It is not clear which approach is better. It is possible to combine the two into a safety valve price: a price set by regulators, at which polluters can buy additional permits beyond the cap.


title: Emissions trading

text: Responsiveness to recessions: This point is closely related to responsiveness to cost changes, because recessions cause a drop in demand. Under cap and trade, the emissions cost automatically decreases, so a cap-and-trade scheme adds another automatic stabilizer to the economy—in effect, an automatic fiscal stimulus. However, a lower pollution price also results in reduced efforts to reduce pollution. If the government is able to stimulate the economy regardless of the cap-and-trade scheme, an excessively low price causes a missed opportunity to cut emissions faster than planned. Instead, it might be better to have a price floor (a tax). This is especially true when cutting pollution is urgent, as with greenhouse gas emissions. A price floor also provides certainty and stability for investment in emissions reductions: recent experience from the UK shows that nuclear power operators are reluctant to invest on "un-subsidised" terms unless there is a guaranteed price floor for carbon (which the EU emissions trading scheme does not presently provide).


title: Emissions trading

text: Responsiveness to uncertainty: As with cost changes, in a world of uncertainty, it is not clear whether emissions fees or cap-and-trade systems are more efficient—it depends on how fast the marginal social benefits of reducing pollution fall with the amount of cleanup (e.g., whether inelastic or elastic marginal social benefit schedule).


title: Emissions trading

text: Other: The magnitude of the tax will depend on how sensitive the supply of emissions is to the price. The permit price of cap-and-trade will depend on the pollutant market. A tax generates government revenue, but full-auctioned emissions permits can do the same. A similar upstream cap-and-trade system could be implemented. An upstream carbon tax might be the simplest to administer. Setting up a complex cap-and-trade arrangement that is comprehensive has high institutional needs.


title: Emissions trading

text: Command and control is a system of regulation that prescribes emission limits and compliance methods for each facility or source. It is the traditional approach to reducing air pollution.


title: Emissions trading

text: Command-and-control regulations are more rigid than incentive-based approaches such as pollution fees and cap and trade. An example of this is a performance standard which sets an emissions goal for each polluter that is fixed and, therefore, the burden of reducing pollution cannot be shifted to the firms that can achieve it more cheaply. As a result, performance standards are likely to be more costly overall. The additional costs would be passed to end consumers.


title: Emissions trading

text: Apart from the dynamic development in carbon emission trading, other pollutants have also been targeted.


title: Emissions trading

text: An early example of an emission trading system has been the sulfur dioxide (SO) trading system under the framework of the Acid Rain Program of the 1990 Clean Air Act in the U.S. Under the program, which is essentially a cap-and-trade emissions trading system, SO emissions were reduced by 50% from 1980 levels by 2007. Some experts argue that the cap-and-trade system of SO emissions reduction has reduced the cost of controlling acid rain by as much as 80% versus source-by-source reduction. The SO program was challenged in 2004, which set in motion a series of events that led to the 2011 Cross-State Air Pollution Rule (CSAPR). Under the CSAPR, the national SO trading program was replaced by four separate trading groups for SO and NO.


title: Emissions trading

text: SO emissions from Acid Rain Program sources have fallen from 17.3 million tons in 1980 to about 7.6 million tons in 2008, a decrease in emissions of 56 percent. A 2014 EPA analysis estimated that implementation of the Acid Rain Program avoided between 20,000 and 50,000 incidences of premature mortality annually due to reductions of ambient PM2.5 concentrations, and between 430 and 2,000 incidences annually due to reductions of ground-level ozone.


title: Emissions trading

text: In 2003, the Environmental Protection Agency (EPA) began to administer the Budget Trading Program (NBP) under the State Implementation Plan (also known as the "NOx SIP Call"). The Budget Trading Program was a market-based cap and trade program created to reduce emissions of nitrogen oxides (NO) from power plants and other large combustion sources in the eastern United States. NO is a prime ingredient in the formation of ground-level ozone (smog), a pervasive air pollution problem in many areas of the eastern United States. The NBP was designed to reduce NO emissions during the warm summer months, referred to as the ozone season, when ground-level ozone concentrations are highest. In March 2008, EPA again strengthened the 8-hour ozone standard to 0.075 parts per million (ppm) from its previous 0.08 ppm.


title: Emissions trading

text: Ozone season emissions decreased by 43 percent between 2003 and 2008, even while energy demand remained essentially flat during the same period. CAIR will result in $85 billion to $100 billion in health benefits and nearly $2 billion in visibility benefits per year by 2015 and will substantially reduce premature mortality in the eastern United States.


title: Emissions trading

text: NOx reductions due to the Budget Trading Program have led to improvements in ozone and PM2.5, saving an estimated 580 to 1,800 lives in 2008.


title: Emissions trading

text: A 2017 study in the "American Economic Review" found that the Budget Trading Program decreased emissions and ambient ozone concentrations. The program reduced expenditures on medicine by about 1.5% ($800 million annually) and reduced the mortality rate by up to 0.5% (2,200 fewer premature deaths, mainly among individuals 75 and older).


title: Emissions trading

text: In the United States the Environmental Protection Agency (EPA) classifies Volatile Organic Compounds (VOCs) as gases emitted from certain solids and liquids that may have adverse health effects. These VOCs include a variety of chemicals that are emitted from a variety of different products. These include products such as gasoline, perfumes, hair spray, fabric cleaners, PVC, and refrigerants; all of which can contain chemicals such as benzene, acetone, methylene chloride, freons, formaldehyde.


title: Emissions trading

text: VOCs are also monitored by the United States Geological Survey for its presence in groundwater supply. The USGS concluded that many of the nations aquifers are at risk to low-level VOC contamination. The common symptoms of short levels of exposure to VOCs include headaches, nausea, and eye irritation. If exposed for an extended period of time the symptoms include cancer and damage to the central nervous system.


title: Emissions trading

text: In an effort to reverse the adverse consequences of air pollution, in 2006, China started to consider a national pollution permit trading system in order to use market-based mechanisms to incentivize companies to cut pollution. This has been based on a previous pilot project called the Industrial emission trading pilot scheme, which was launched in 2002. Four provinces, three municipalities and one business entity was involved in this pilot project (also known as the 4+3+1 project). They are Shandong, Shanxi, Jiangsu, Henan, Shanghai, Tianjin, Liuzhou and China Huaneng Group, a state-owned company in the power industry. This pilot project did not turn into a bigger scale inter-provincial trading system, but it stimulated numerous local trading platforms.


title: Emissions trading

text: In 2014, when the Chinese government started considering a national level pollution permit trading system again, there were more than 20 local pollution permit trading platforms. The Yangtze River Delta region as a whole has also run test trading, but the scale was limited. In the same year, the Chinese government proposed establishing a carbon market, focused on CO reduction later in the decade, and it is a separate system from the pollution permit trading.


title: Emissions trading

text: A 2021 study in "PNAS" found that China's emissions trading system effectively reduced firm emissions despite low carbon prices and infrequent trading. The system reduced total emissions by 16.7% and emission intensity by 9.7%.


title: Emissions trading

text: The EU Emission Trading System was established in the year 2005 - in line with the commitment period of the Kyoto protocol. It follows the cap and trade model where one allowance permits the holder to emit 1 ton of (tCO2). The scheme was said to cover energy and heat generation industries and around 11,186 plants participated in the first stage. These plants only accounted for 45% of all European emissions at the time. More than 90% of all these allowances were free of cost in both periods to build a strong base of abatements for the future phases. This free allocation resulted in the volume and value of allowances growing three-fold over 2006 with the price moving from €19/tCO₂ in 2005 to its peak of €30/tCO₂ which revealed a new problem. The overallocation of allowances caused the price to drop to €1/tCO₂ in the first few months of 2007 which created market price instabilities for businesses to reinvest in low carbon technologies.


title: Emissions trading

text: Renewable Energy Certificates (occasionally referred to as or "green tags"), are a largely unrelated form of market-based instruments that are used to achieve renewable energy targets, which may be environmentally motivated (like emissions reduction targets), but may also be motivated by other aims, such as energy security or industrial policy.


title: Emissions trading

text: For example, in the popular science magazine "New Scientist", Lohmann (2006) argued that trading pollution allowances should be avoided as a climate stabilization policy for several reasons. First, climate change requires more radical changes than previous pollution trading schemes such as the US SO market. It requires reorganizing society and technology to "leave most remaining fossil fuels safely underground". Carbon trading schemes have tended to reward the heaviest polluters with 'windfall profits' when they are granted enough carbon credits to match historic production. Expensive long-term structural changes will not be made if there are cheaper sources of carbon credits which are often available from less developed countries, where they may be generated by local polluters at the expense of local communities.


title: Emissions trading

text: The US Congressional Budget Office (CBO, 2009) examined the potential effects of the American Clean Energy and Security Act on US households. This act relies heavily on the free allocation of permits. The Bill was found to protect low-income consumers, but it was recommended that the Bill be made more efficient by reducing welfare provisions for corporations, and more resources be made available for consumer relief. A cap-and-trade initiative in the U.S. Northeast caused concerns it would be regressive and poorer households would absorb most of the new tax.


title: Emissions trading

text: The current state of ETS shows that roughly 22% of global greenhouse emissions are covered by 64 carbon taxes and emission trading systems as of 2021. This means that there are still several member states that have not ratified the Kyoto Protocol. This is a cause of concern for energy intensive industries that are covered by such instruments that claim that there is a loss of competitiveness. Such corporations are thereby forced to take strategic production decisions that contribute to the issue of carbon leakage.


title: Emissions trading

text: Distinct cap-and-trade systems can be linked together through the mutual or unilateral recognition of emissions allowances for compliance. Linking systems creates a larger carbon market, which can reduce overall compliance costs, increase market liquidity and generate a more stable carbon market. Linking systems can also be politically symbolic as it shows willingness to undertake a common effort to reduce GHG emissions. Some scholars have argued that linking may provide a starting point for developing a new, bottom-up international climate policy architecture, whereby multiple unique systems successively link their various systems.


title: Emissions trading

text: In 2014, the U.S. state of California and the Canadian province of Québec successfully linked their systems. In 2015, the provinces of Ontario and Manitoba agreed to join the linked system between Quebec and California. On 22 September 2017, the premiers of Quebec and Ontario, and the Governor of California, signed the formal agreement establishing the linkage.


title: Ricky Stenhouse Jr.

text: Richard Lynn Stenhouse Jr. (born October 2, 1987) is an American professional stock car racing driver. He competes full-time in the NASCAR Cup Series, driving the No. 47 Chevrolet Camaro ZL1 for JTG Daugherty Racing. Stenhouse was the 2010 Nationwide Series Rookie of the Year, and won back-to-back Nationwide Series championships in 2011 and 2012. Stenhouse was the 2013 Sprint Cup Series Rookie of the Year.


title: Ricky Stenhouse Jr.

text: Stenhouse began kart racing at the age of six, and acquired 47 wins and 90 podium finishes by the time he moved into sprint car racing in 2003.


title: Ricky Stenhouse Jr.

text: Beginning his sprint car racing career in 360 cubic inches winged sprint cars, he won the National Sprint Car Hall of Fame Driver Poll and Dirt Winged Sprint Car Rookie of the Year in 2003. He began racing in the USAC sprint car series in 2004, and in 2006 won National Sprint Car Hall of Fame Driver Poll Wild Card in both the 360 and 410 winged sprint car divisions. Stenhouse won dual Rookie of the Year honors in the United States Auto Club sprint car (finished 6th in the standings) and midget (finished 3rd in the standings) series in 2007.


title: Ricky Stenhouse Jr.

text: In 2008, he began his major-league stock car racing career in the ARCA Racing Series, driving for Roush Fenway Racing. On May 10, 2008, in only his sixth race in a stock car, Stenhouse won his first ARCA RE/MAX Series event at the Drive Smart! Buckle Up Kentucky 150 at Kentucky Speedway in Sparta, Kentucky. He had two wins in 21 races and finished fourth in the season ranking as a rookie.


title: Ricky Stenhouse Jr.

text: In 2009, Stenhouse began competing in a partial schedule in the Nationwide Series at events that conflicted with the Sprint Cup schedule. He had his first Top 10 finish at Kentucky Speedway when he finished ninth. At the following race in Milwaukee, he led 46 laps in the later stages of the race and finished fifth.


title: Ricky Stenhouse Jr.

text: The 2010 season started horribly for Stenhouse, but he showed signs of life as the year went on. After crashing out of four out of the first ten races of the season (and crashing in practice also), Stenhouse was replaced by Brian Ickler for three races and Billy Johnson drove at Watkins Glen. After taking on veteran Mike Kelley as crew chief, Stenhouse immediately responded with a third-place finish at Daytona. He proceeded to take seven top tens and was locked in a tight battle for Rookie of the Year (ROTY) with Brian Scott. With Scott struggling after his release from Turner Motorsports, Stenhouse took the ROTY award after a fourth-place finish at Homestead.


title: Ricky Stenhouse Jr.

text: On May 22, 2011, Stenhouse held off charges from Carl Edwards and Brad Keselowski for the final 18 laps to claim his first win in the John Deere Dealers 250 at Iowa Speedway, his 51st start in the Nationwide Series.


title: Ricky Stenhouse Jr.

text: Stenhouse made his Sprint Cup Series debut at the 2011 Coca-Cola 600 substituting for fellow Roush teammate Trevor Bayne. Stenhouse finished 11th in the Wood Brothers Racing entry.


title: Ricky Stenhouse Jr.

text: Stenhouse had dominated the Kroger 200 Nationwide Series race at Lucas Oil Raceway before being passed by Brad Keselowski late in the race. Stenhouse took his second Nationwide win at Iowa in August, again holding off teammate Carl Edwards, but more bizarrely as Stenhouse's engine blew coming off of turn 4. Edwards subsequently rear-ended his teammate, pushing him across the line to the win.


title: Ricky Stenhouse Jr.

text: At the end of the 2011 season, having scored 16 Top 5 finishes, Stenhouse won the Nationwide Series championship by 45 points over Elliott Sadler.


title: Ricky Stenhouse Jr.

text: Stenhouse drove the No. 6 Sprint Cup Series car for Roush Fenway Racing in the 2012 Daytona 500, finishing 20th.


title: Ricky Stenhouse Jr.

text: In the Nationwide Series the previous day, Stenhouse had been caught up in a 10-car wreck on the final lap of the series' season-opening event; a week later he finished 3rd at Phoenix, while a week after that Stenhouse won his first race of 2012 at Las Vegas, winning the Sam's Town 300, holding off Mark Martin to take the checkered flag; he would win races at Texas Motor Speedway and Iowa Speedway before suffering a run of bad luck starting at Charlotte Motor Speedway. Stenhouse would score 3 more victories at Atlanta, Charlotte, and Kansas. He once again held off Sadler to take his second consecutive Nationwide Series championship.


title: Ricky Stenhouse Jr.

text: On June 26, 2012, Roush Fenway Racing announced that Stenhouse would drive the No. 17 car in the Sprint Cup Series full-time for 2013, replacing Matt Kenseth. Trevor Bayne replaced Stenhouse in the Nationwide No. 6 car for 2013.


title: Ricky Stenhouse Jr.

text: To prepare for the 2013 season, Stenhouse ran in the AAA 400 at Dover International Speedway where he finished 12th, the Bank of America 500 at Charlotte Motor Speedway where he finished 35th because of engine problems, but he was running near the front of the field. He also ran in the season finale Ford 400 at Homestead-Miami Speedway in which bad luck struck again as he cut a tire and smacked the wall, similar to what happened to Marcos Ambrose two races before, in Texas. In all of these races he ran in the No. 6 car of Roush Fenway Racing sponsored by Cargill, Best Buy, and Fifth Third Bank respectively.


title: Ricky Stenhouse Jr.

text: In 2013, Stenhouse competed full-time in the No. 17 Ford Fusion in the Sprint Cup Series. He was paired with rookie crew chief Scott Graves, who was formerly an engineer for Roush Fenway Racing. Stenhouse placed 12th in his second Daytona 500 (his first with the No. 17 team) despite suffering crash damage on lap 134. Stenhouse led his first lap of Sprint Cup competition at Las Vegas Motor Speedway. Later in the season, Stenhouse had his breakout race at Kansas, where he qualified third and led 26 laps, before finishing 11th. In qualifying at Atlanta Motor Speedway, Stenhouse won the pole position with a 29.227 lap time. Stenhouse recorded his first Top 10 finish with a 10th-place finish at Richmond, followed by an eighth-place finish at Chicagoland. His best finish of the season was a third-place finish at Talladega behind Jamie McMurray and Dale Earnhardt Jr. Stenhouse was eventually named Cup Series Rookie of the Year.


title: Ricky Stenhouse Jr.

text: In 2014, both Stenhouse and Roush-Fenway suffered through a dismal season. Stenhouse's best finish was a second-place showing at Bristol in the spring, a race won by teammate Carl Edwards, one of the few impressive showings by Roush in 2014. Stenhouse failed to qualify at Talladega in October and finished 27th in points.


title: Ricky Stenhouse Jr.

text: After a slow start in 2015, Stenhouse nearly won the Food City 500 where he came home in fourth. After a weak summer, he had a consistent run of 15th or better in six of the last 10 races, including two top 10s at Dover and Talladega. After poor performances at Martinsville and Phoenix where he was as high as 22nd in the points standings, he fell to 25th at the season's ending.


title: Ricky Stenhouse Jr.

text: Stenhouse got off to a better start in 2016 than 2015 including a Top 10 run in Atlanta. He got his next Top 10 at Fontana, in 2015 It took 29 races to get two Top 10s in the year, it took five in 2016. On March 1, his team announced that Sunny D would be his sponsor in select Cup and Xfinity Series races. On August 21, 2016, Stenhouse recorded a then-career-best second-place finish in the Bass Pro Shops NRA Night Race at Bristol Motor Speedway.


title: Ricky Stenhouse Jr.

text: After a gamble to stay out, Stenhouse restarted 2nd with two to go at Phoenix on the Green White Checkered. He stacked up the line and caused Ryan Newman to cruise away to the finish. After a flat tire early on at Richmond he rebounded to finish fourth. At Talladega's 2017 GEICO 500, Stenhouse won his second career Cup Series pole and his first since the 2013 Cup Series season. It was also RFR's first pole of the 2017 season. Stenhouse led the opening laps and then stayed mid-pack for the rest of the race. After Stenhouse avoided an 18-car pileup he found himself in second place chasing Kyle Busch. After the final restart, Stenhouse passed Busch on the final lap for the win. It was his first Cup Series win, while RFR snapped its 101-race winless drought, dating back to Carl Edwards' victory in the 2014 Toyota/Save Mart 350 at Sonoma Raceway. Stenhouse later picked up his second victory of the year at Daytona in July, passing David Ragan with two to go, further solidifying his spot in the 2017 Playoffs. In the Playoffs, at Chicago he had a rough showing with a not so strong car and commitment line penalty which he ended up in 25th. In the next race at New Hampshire he hit the wall on Lap 3 but recovered to finish 15th on the lead lap to tie Austin Dillon on points for the last spot. At Dover in the elimination race, he struggled early starting in 14th, falling back to 23rd and off the lead lap but took a risk of staying on the lead lap and got a caution while in third place and finished fourth in Stage 1 getting seven Stage Points. He would not earn any Stage Points in Stage 2 but finished 19th while Ryan Newman finished 13th which proved enough for Stenhouse Jr. as he finished above Newman by two points for the last playoff spot in the Round of 12 and advanced to the second round of the playoffs. Stenhouse was eliminated in the second round after failing to perform well enough in the races.


title: Ricky Stenhouse Jr.

text: 2018 started with decent results for Stenhouse, as he had consistent runs throughout the season. However at Daytona, Stenhouse was mainly to blame for two accidents, and he was caught up in three crashes, ultimately finishing 17th, after winning the first two stages, and receiving a security escort after the race. He dropped to 18th in the final point standings as he failed to visit victory lane, missed the playoffs, and recorded only five Top 10 finishes.


title: Ricky Stenhouse Jr.

text: On August 1, 2019, Stenhouse announced he signed a contract extension with Roush Fenway Racing through 2021. However, on September 25, Roush Fenway Racing announced that Stenhouse will be replaced by Chris Buescher in 2020, with Roush using an option in their contract with Buescher. In the aftermath of the sudden dismissal from the team, which was criticized by some members of the racing community (Including Kevin Harvick), Roush president Steve Newmark, said that, after ten years with the team, the relationship with Stenhouse had "run its course."


title: Ricky Stenhouse Jr.

text: On October 16, 2019, JTG Daugherty Racing announced Stenhouse would drive for them in 2020. On December 2, 2019, JTG Daugherty Racing announced that Stenhouse would be driving the 47 car, moving Ryan Preece to the 37.


title: Ricky Stenhouse Jr.

text: Stenhouse Jr. narrowly lost the 2020 GEICO 500 to Ryan Blaney, spinning Aric Almirola about a hundred yards from the finish line, and nearly winning but coming up .007 short.


title: Ricky Stenhouse Jr.

text: Stenhouse scored three top fives and four top tens throughout the season, and all top fives came in the first half of the regular season.


title: Ricky Stenhouse Jr.

text: Outside of NASCAR, Stenhouse is a car owner and part-time competitor in sprint car and midget racing. In 2012, he formed Stenhouse Jr. Racing and fielded the No. 41 car for Jason Johnson in the American Sprint Car Series (ASCS). In 2017, he partnered with Matt Wood to form Stenhouse Jr.-Wood Racing and fielded the No. 17 car for driver Joey Saldana in the World of Outlaws sprint car series.


title: Ricky Stenhouse Jr.

text: After his first NASCAR Cup Series win at Talladega in May 2017, Stenhouse became one of only eight drivers to have won in the NASCAR Cup Series as well as in the USAC Silver Crown, National Sprint Car, and National Midget series, joining Mario Andretti, A. J. Foyt, Jeff Gordon, Kyle Larson, Ryan Newman, Ken Schrader, and Tony Stewart.


title: Ricky Stenhouse Jr.

text: Stenhouse was born in Memphis, Tennessee, and was raised in Olive Branch, Mississippi. He is the first Mississippian driver to attempt a full-time schedule since Lake Speed in 1997. He started on dirt then made a transition to stock cars in 2008.


title: Ricky Stenhouse Jr.

text: Stenhouse is an Ole Miss Rebels football fan. In 2014, he led the Rebels onto the field before the annual Egg Bowl game versus in-state rival Mississippi State.


title: Ricky Stenhouse Jr.

text: Stenhouse was in a relationship with Danica Patrick from November 2012 to December 2017. In November 2021, Stenhouse announced his engagement to Madyson Goodfleisch, originally of Ashville, Ohio.


title: Ricky Stenhouse Jr.

text: In 2016, Stenhouse competed on the show "American Ninja Warrior" which first aired on June 13; he did not make it past the second obstacle.


title: Ricky Stenhouse Jr.

text: In June 2017, Stenhouse was a pit reporter for the "Fox NASCAR" broadcast of the Xfinity Series race at Pocono Raceway. A Cup drivers-only coverage, he worked alongside Erik Jones and Ryan Blaney.


title: Dead by Sunrise

text: Dead by Sunrise (formerly known as Snow White Tan) was an American rock supergroup formed in 2005 by vocalist Chester Bennington who was best known as the lead vocalist of Linkin Park. The band also consisted of Amir Derakh, Ryan Shuck, Brandon Belsky, Elias Andra, and Anthony "Fu" Valcic from Julien-K and Orgy. Dead by Sunrise's debut studio album, "Out of Ashes", was released worldwide on October 13, 2009.


title: Dead by Sunrise

text: Dead by Sunrise started to form in 2005 while Chester Bennington was writing songs for Linkin Park's album "Minutes to Midnight". According to Bennington, "I came up with a few songs that felt and sounded really good, but I knew they weren’t right stylistically for Linkin Park. They were darker and moodier than anything I’d come up with for the band. So I decided to work on them on my own rather than turn them over and have them transformed into Linkin Park tracks." However, the foundation for Dead by Sunrise was laid much earlier, when future bandmate Shuck met Bennington during the recording of Linkin Park's first album "Hybrid Theory". In an interview, Shuck states that "I always used to go to his house and hear him play acoustic guitar. And I always thought to myself, 'Oh my God, these are such good songs.'"


title: Dead by Sunrise

text: The band's name, which was previously "Snow White Tan", reflects the time during the album's recording. In an interview, Bennington stated that:


title: Dead by Sunrise

text: On May 10, 2008, Dead by Sunrise performed three songs ("Walking in Circles", "Morning After", and "My Suffering") at the 13th anniversary party for Club Tattoo in Tempe, Arizona. The song titled "Morning After" was written by Chester Bennington and originally performed on September 12, 2001 at the Live in Berlin concert. Bennington also performed "Morning After" with his cover band entitled "Bucket Of Weenies" in many shows throughout 2005 and 2006. This was the first time that Bennington had "officially" performed the song under a new name—Dead by Sunrise. In addition, this band toured with Linkin Park in Europe, Japan, and America. In an interview with MTV, Bennington stated that "we're actually going to be jumping in the middle of Linkin Park's set, playing a few songs, then jumping out and letting LP finish out the set." During their debut European tour the band took time out to send a message to the German Armed Forces.


title: Dead by Sunrise

text: Recording of the band's debut album began in July 2008 after touring for Linkin Park had finished. Working simultaneously on his solo album and Linkin Park's next record, Bennington recorded "Out of Ashes" with producer Howard Benson and bandmates from Julien-K. Bennington wrote most of the songs on an acoustic guitar before working with his band to reshape the track into hard rock, a ballad, or even removing all rock influence and creating a synth-driven track. Linkin Park bandmate Mike Shinoda confirmed that "Out of Ashes" is "much more of a rock album [than Linkin Park's albums]." Also of note, Bennington participated in all aspects of creating the record, including programming and production.


title: Dead by Sunrise

text: Videos were filmed for "Crawl Back In" (September 8, 2009) and "Let Down" with the songs serving as the album's first two singles. "Crawl Back In" reached the 11th spot on the Mainstream Rock chart.


title: Dead by Sunrise

text: In a 2009 interview with "Billboard", Bennington said that "This isn't a one-time thing for us. Every five years or so I could imagine there'd be a Dead By Sunrise record." Despite this, in 2010, he stated there was a small chance a new album may be created. The frontman also noted that because of Linkin Park's new direction "it becomes very difficult to choose where the songs that he writes will go."


title: Dead by Sunrise

text: On November 4, 2011, Bennington's wife, Talinda, revealed that Dead by Sunrise will perform at the 2011 Stars of the Season Gala event, which focused on raising donations for pediatric rehabilitation.


title: Dead by Sunrise

text: On April 20, 2012, during a Love and Death concert played at an event by The Whosoevers, Elias Andra announced that in December 2011 he had left the band. Later that year the band replaced Andra with Frank Zummo from Street Drum Corps. The band had been inactive since this time.


title: Dead by Sunrise

text: On July 20, 2017, lead vocalist Chester Bennington died by suicide in his home in California. The band made an official statement on their Facebook page on July 29. Band members Ryan Shuck and Amir Derakh along with Grey Daze member Mace Beyers were united to perform a tribute for Bennington in an acoustic concert on September 2 in Las Vegas.


title: Dead by Sunrise

text: They later took part in Linkin Park's memorial concert for Chester Bennington on October 27, 2017. They performed "One Step Closer" alongside Korn vocalist Jonathan Davis.


title: Dead by Sunrise

text: In September 2018, Julien-K performed the One More Light 2 memorial in Milan Italy to honor Chester Bennington with a massive number of Italian fans. They performed as Julien-K and ended the set as Dead By Sunrise along with Italian guest singers.


title: Ken Schrader

text: Kenneth Schrader (born May 29, 1955) is an American professional racing driver. He currently races on local dirt and asphalt tracks around the country while also competing part-time in the ARCA Menards Series, driving the No. 11 Ford for Fast Track Racing, and the Superstar Racing Experience, driving the No. 52 car. He previously competed in the NASCAR Cup Series, the NASCAR Xfinity Series, and the NASCAR Camping World Truck Series. He is a first cousin once removed of fellow NASCAR driver Carl Edwards.


title: Ken Schrader

text: He races in many racing divisions and has been successful in any division he has stepped into. He owns a dirt late model and dirt open-wheel modified car. Both of these cars, along with his Camping World Truck Series and ARCA series cars, are sponsored by Federated Auto Parts. He owns Federated Auto Parts Raceway (formerly I-55 Raceway) in Pevely, Missouri, and is co-owner of Macon Speedway, near Macon, Illinois, along with Kenny Wallace, Tony Stewart, and local promoter Bob Sargent.


title: Ken Schrader

text: During the 1990s and the early part of the 2000s, Schrader was running as many as 100 races among many types of racing, including NASCAR's national and regional touring series, ARCA, short track, and dirt track.


title: Ken Schrader

text: Schrader was born in Fenton, Missouri. In 1971, he was the sportsmens champ at Lake Hill Speedway in Valley Park. That same year, he moved up to sprint cars, racing in various locations across the Midwest. In 1980, he started racing in USAC's Stock Car Division and was the series' rookie of the year. He returned to USAC's Stock Car Division one year later, finishing third in points. Early in the decade, he moved to the USAC series, competing in its various sprint car competitions. Schrader attempted to qualify for the 1983 Indianapolis 500 but wrecked his car during practice. In the USAC series, he won four USAC sprint car races, six Silver Crown races, 21 in USAC midgets, and 24 midget races in other divisions.


title: Ken Schrader

text: Schrader made his NASCAR debut in 1984 in the Cup Series, leasing out the No. 64 Ford normally owned and driven by Elmo Langley. He ran his first race at Nashville, qualifying 27th and finishing 19th in a 30-car field. He ran four more races out of the 64 that season, his best finish seventeenth at North Wilkesboro Speedway. In 1985, he signed to drive the No. 90 Ultra Seal-sponsored Ford for Junie Donlavey full-time. He had three 10th-place finishes and finished 16th in points, winning rookie of the year honors. In 1986, Red Baron Frozen Pizza became the team's new primary sponsor, and Schrader had four top 10s, including a best finish of seventh twice, and finished 16th in the standings in points for the second consecutive season. In 1987, Schrader won his first career pole, at the TranSouth 500, where he led 19 laps and finished fifth, his first top-five. He had nine other top 10s and finished 10th in the final standings. He also made his Busch Series debut, at North Carolina Speedway, finishing fifth in his own No. 45 Red Baron-sponsored Ford.


title: Ken Schrader

text: In 1988, Schrader moved over to the No. 25 Folgers sponsored Chevrolet for Hendrick Motorsports. In his first race, he won the pole for the Daytona 500, beginning a three-year streak in which he won the pole for that race. After initially failing to qualify in the No. 25 for the following race, Schrader purchased a racecar from Buddy Arrington to drive in the No. 67 Ford, this time successfully qualifying. Schrader won his first career race, at the Talladega DieHard 500, and finished fifth in the final standings. He won his second career Cup race the following season at Charlotte Motor Speedway, and finished fifth in the standings again. He also earned his first career Busch Series win at the Ames/Peak 200.


title: Ken Schrader

text: Kodiak became Schrader's sponsor in 1990. Although he failed to win, he collected three poles, and seven top fives, dropping to 10th in points. In 1991, he got his third win, at the Motorcraft Quality Parts 500, and his final Winston Cup win, at Dover International Speedway. He had nine total top-five finishes and finished ninth in the final points standings. In 1992, he dropped to 17th in the standings after posting eleven top 10s. The following season, Schrader returned to ninth in the points and won a career-high six poles. He had his career-best points finish in 1994 when he finished fourth. He also won his most recent Busch race at Talladega.


title: Ken Schrader

text: In 1995, Budweiser became Schrader's primary sponsor. Schrader lost the top end of his left thumb in a mishap at Evergreen Speedway in a NASCAR Supertrucks practice session on May 13th. He won his final pole with Hendrick, at Pocono Raceway and dropped back to 17th in points. He survived a horrific crash in the DieHard 500 at Talladega Superspeedway. After he improved only to 12th in the standings in 1996, Schrader left Hendrick Motorsports after a nine-year association with the team.


title: Ken Schrader

text: In 1997, Schrader was hired to drive the No. 33 Skoal Bandit-sponsored Chevrolet Monte Carlo for Andy Petree Racing. He had eight top 10s and won two poles, finishing 10th in the standings, his most recent top 10 points finish. The following season, he posted three fourth-place finishes and won two poles over the last five races of the season. He won his final Cup pole, at Talladega, in 1999, but despite a 15th-place points run, Schrader failed to finish in the top five all year and departed Petree.


title: Ken Schrader

text: He signed to drive the No. 36 M&M's-sponsored Pontiac Grand Prix for MB2 Motorsports. In his first year of competition, Schrader had two top 10s and finished 18th in the standings. He posted five top 10s in 2001, but dropped to 19th in the standings. While competing in the Daytona 500, he was involved in a final-lap crash where Dale Earnhardt crashed into the wall and died. The image of Schrader peering into Earnhardt's car, only to jump back and frantically signal for assistance, is etched into the minds of many racing fans; his interview with Jeanne Zelasko during Fox Sports' post-race show was the first sign to many that something was wrong with the seven-time Winston Cup champion, as he appeared visibly shaken and upon being asked if Earnhardt was okay, he said "I don't really know. I'm not a doctor. I got the heck out of the way as soon as they got there." Schrader would later say in a 2011 interview that he knew Earnhardt was dead but didn't want to be the one to announce it. In 2002, Schrader did not finish in the top 10 in a single race, the first time since 1984. Following that season, he departed MB2.


title: Ken Schrader

text: Despite an original lack of sponsorship, Schrader was announced as the driver of the No. 49 BAM Racing Dodge Intrepid for 2003. Soon, 1-800-Call-ATT became the team's primary sponsor. At the Brickyard 400, Schrader's qualifying time was too slow (and the team was out of provisionals) to make the field, the first time since 1984 that Schrader had missed a Cup race. He DNQ'd three more times that season and fell to 36th in points. In 2004, Schrader's previous sponsor, Schwan Food Company, became BAM's new sponsor, while Schrader had a sixth-place finish at Bristol Motor Speedway. He had three more top 10s the following season and matched his previous year's run of 31st in points.


title: Ken Schrader

text: In 2006, Schrader drove the No. 21 Little Debbie/Motorcraft/United States Air Force-sponsored Ford for Wood Brothers Racing, earning his final two career top 10s that season. In 2007, he ran a part-time schedule with the Wood Brothers, sharing the ride with rookie Jon Wood. After the team fell out of the top 35 in owner's points, Bill Elliott became their new driver until the team returned to the top 35. Schrader returned to BAM Racing at Indianapolis, and later regained his spot with the Wood Brothers beginning at Loudon, before being replaced again by Elliott late in the year. Schrader also drove seventeen races in the Craftsman Truck Series for Bobby Hamilton Racing in the No. 18 Fastenal-sponsored Dodge Ram, earning two top-five finishes.


title: Ken Schrader

text: Schrader returned to BAM Racing in 2008. However, after making only two of the first five races, BAM Racing switched to Toyota. After the sixth race of the season, at Martinsville, Virginia where Schrader qualified the new Microsoft Toyota in seventh place and finished 37th, BAM Racing decided they needed to sit the next two races out to complete a fleet of the new Toyota cars. After two weeks, it was announced that a primary sponsor had backed out of its deal, leaving BAM Racing and Schrader with no other option but to temporarily suspend operations. NASCAR.com reported on April 15, 2008, that the team would not return to racing until the fall. Schrader ran the race in a one-off at Talladega on April 27, 2008, in the No. 70 Haas/CNC Chevrolet, sponsored by Hunt Brothers Pizza, qualifying third, but finishing 42nd due to motor problems.


title: Ken Schrader

text: Schrader qualified a fourth Richard Childress Racing entry into the Coca-Cola 600 on May 25. He qualified the No. 33 Camping World sponsored Chevy in the 33rd position and finished 33rd. Schrader signed a multi-race deal in August that allowed him to share a seat with Joey Logano for Jeff Moorad (Hall of Fame Racing) in the No. 96 DLP HDTV Toyota in various races through the end of the year. It was later announced that he would split the 2009 Cup schedule with Phoenix Racing's No. 09 car alongside Brad Keselowski, Sterling Marlin, and Mike Bliss, but never ran. He made two starts in the truck series for himself, and seven starts in the ARCA series with six top-tens in 2009.


title: Ken Schrader

text: Schrader started 14th and finished 14th in the Bud Shootout at Daytona International Speedway on February 6, 2010, driving the No. 82 Team Red Bull Toyota. That same year, he qualified for Martinsville marking his first Cup points race since the November 2008 event at Phoenix International Raceway. Schrader finished 18th after starting 38th and leading seven laps for Latitude 43 Motorsports.


title: Ken Schrader

text: In 2011, Schrader ran a part-time Cup schedule for FAS Lane Racing. With seven starts, Schrader posted a season best finish of 21st at Martinsville during the fall race. He ran thirteen races for the team in the Sprint Cup Series in 2012. Schrader also inked a deal to run at least nine races in 2013 for FAS Lane Racing with Federated Auto Parts as the sponsor. Schrader ran in the truck series at the inaugural Mudsummer Classic at Eldora Speedway. In qualifying at Eldora, Schrader had a lap speed of , a track record, and clinched the pole, becoming the oldest pole winner in any NASCAR series at age 58. He eventually finished 14th.


title: Ken Schrader

text: On October 27, 2013, Schrader announced that he would retire from NASCAR after the 2013 season; he described it as "not retirement", but that there were "just no plans to come back"; he planned to continue competing in ARCA and dirt modified events.