Recent Movements of Reducing Greenhouse Gas Emissions and Implications

U.S. Environmental Protection Agency (EPA) recently proposed the “Clean Power Plan”, under President Obama's Climate Action Plan, to reduce Greenhouse Gas (GHG) emissions from power plants by 30 percent from 2005 levels by 2030. China is redirecting the country’s economic growth strategy with increasing awareness of challenges posed by severe climate change and EU, the world's 3rd largest emitter has continuously implemented policy measures to reduce emissions. In this context, major economies' recent efforts to cut GHG emissions can be explained as a way for not only addressing climate change but also changing energy mix and expanding trade of environmental goods.