Do the various companies in the United States stand together in terms of federal legislative and regulatory efforts to harness market forces in reducing carbon dioxide and other greenhouse gas (GHG) emissions? The answer is not intuitive, primarily because of the enormous disparity in GHG emission inventories among companies. California utilities, for example, with one of the lowest CO2 inventories in the country, may find themselves on the short end if federal cap-and-trade policy allows tradable rights based on historic CO2 emissions — a starting point that would benefit utilities in coal-burning states. The panel will begin with a brief primer on cap-and-trade basics, and then launch into a debate on the key issues companies will have to work through as they help shape federal cap-and-trade policy for GHG emissions.