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In lieu of mandatory policies that impose taxes or regulations, emissions abatement activity can occur through various voluntary efforts. These can take the form of independent firms taking action (such as BP implementing an internal cap-and-trade program to meet a company-set emissions goal), a group of firms agreeing to take action, or government programs that promote voluntary action. In the case of government programs, some take the form of informing consumers about climate-friendly technologies through labeling programs like EnergyStar. Other programs support voluntary abatement efforts by advising companies how they can make investments in more energy-efficient technologies that reduce their consumption of carbon-intensive energy.
Views on the costs and benefits of these programs are mixed. Some have suggested that participation in voluntary programs indicates that substantial amounts of negative-cost or low-cost emissions abatement opportunities abound throughout the economy. Others counter that only companies with low abatement costs participate in such programs, and that the government is effectively subsidizing their energy management programs. RFF researchers have evaluated several U.S. programs, and an RFF-organized conference addressed voluntary programs in several countries.
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