This is Richard Cowart’s PowerPoint presentation which was made to the Institution of Mechanical Engineers in London on March 19,2009. He shows that “Top down” cap and trade relying on price alone is more expensive, less likely to succeed than a portfolio-based policy menu (plus a cap), “cap-and-invest” can accelerate cap/trade success, contain program costs, state policies are crucial to success, and the US Congress and EU governments should support those state policies.