Published on October 22nd, 2011 | by Zachary Shahan30
California’s Cap-and-Trade Program Finally Approved
QUICK NEWS: If you haven’t heard yet, California’s cap-and-trade program is finally fully, fully approved. Here’s the quick summary from the LATimes:
The California Air Resources Board on Thursday unanimously adopted the nation’s first state-administered cap-and-trade regulations, a landmark set of air pollution controls to address climate change and help the state achieve its ambitious goals to reduce greenhouse gas emissions.
The complex market system for the first time puts a price on heat-trapping pollution by allowing California’s dirtiest industries to trade carbon credits. The rules have been years in the making, overcoming legal challenges and an aggressive oil industry-sponsored ballot initiative….
Cap-and-trade is the centerpiece of AB 32, California’s historic climate change law that mandates a reduction in carbon pollution to 1990 levels by 2020. Beginning in 2013 the state’s largest carbon emitters will be required to meet the caps or buy credits if they cannot.
A second phase of compliance begins in 2015 and is expected to include 85% of California’s emissions sources.
More on the LATimes: California becomes first state to adopt cap-and-trade program
Of course, I think this is a wonderful thing and look forward to California’s success leading the way for other states and the U.S. as a whole to one day adopt such a program (or some system for putting a price on CO2 and other harmful greenhouse gas emissions). As utility company CEOs (and many others) have made more than clear, a price on CO2 is critical to us addressing the causes of global warming (which are clearly human-caused) and propelling ourselves and the world into a clean energy economy much, much faster.
Kudos to California!