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from market risks that might affect the value of their investments. Why should regulatory risks be treated differently? Indeed, insulating investors from regulatory risks rooster and santa claus ho ho ho pattern christmas ugly sweater might distort their behavior in socially undesirable ways, leading them to overinvest in harmful but under-regulated activities. Imagine a utility that owns a single power plant. The plant has been in service for quite a while, and the utility is thinking about replacing it. For the utility’s purposes, the chief benefit of replacing the plant is the reduction in operational costs that will result from running a more efficient facility. All else being equal, newer plants typically wring more electricity out of a given amount of fuel.
Continuing to improve air quality in the United States is an essential step needed to mitigate future damage to public health, the economy and the environment, and will place the nation in a better position to reach net zero emissions by 2050. Half a century after it was introduced, the impact of the Clean Air Act is clear. Numerous deaths have been prevented, greenhouse gas emissions are now recognized as a danger to public health and the economy has been stimulated. Nevertheless, the United States still accounts for13 per cent of global greenhouse gases and is currently on-trend to overshoot its Paris Agreement target by 15 per cent or more. Where the United States continues to fall short is in the health sector. Although hundreds of thousands of deaths have been prevented through the Clean Air Act, the United States remains a leading country for premature pollution-related deaths. Fifty years on, air quality in the United States has improved dramatically by