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availability of international offsets are one of the most important factors determining estimates of the cost of these bills. This paper has described how international offset usage was modeled in EPA’s analysis of H.R. 2454, and how assumptions about available sources of greenhouse gas abatement, reference case greenhouse gas emissions, and climate policies in other countries can have major impacts on the cost of the bill. This highlights the importance of future research to update and improve estimates of marginal abatement cost curves for international sources of greenhouse gas abatement; to revisit the difference in greenhouse gas abatement potential from countries with market-based climate policies versus abatement in the form of offsets or sectoral credits from countries without market-based climate policies; to continually update reference greenhouse gas emissions projections; and represent the broad range of climate policies that could be adopted in the future.

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