by Robert L. Graham, Edward F. Malone, and Michael Strong (February 2008; 5 pages) Although it is likely to be several years before a national cap-and-trade program is up and running, there are good reasons for companies that would be subject to greenhouse gas emission caps to start taking inventory of their emissions. The authors note that under legislation pending in Congress, especially the Lieberman-Warner bill in the Senate, significant opportunities exist for companies to monetize early greenhouse gas reductions or innovation.