On October 17, 2012, RAP Senior Associate, David Farnsworth presented a lecture for Vermont Law School class entitled, “Energy Law and Policy in a Carbon-Constrained World.” Mr. Farnsworth explored special considerations related to the design of a cap-and-trade program for the electric sector, and an update on the status of the Regional Greenhouse Gas Initiative (RGGI), the electric sector cap-and-trade program for carbon dioxide in the northeastern United States. Key lessons associated with the RGGI design include (1) understanding additional elements that build upon the 1990 Clean Air Act’s Title IV Acid Rain program, (2) the importance of focusing on the “revenue side” of the program enabled by RGGI’s allowance auction allocation scheme, and (3) linking the cap-and-trade mechanism to complementary policies being delivered by existing state clean energy programs.