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Historic Cap-and-Trade Law Passed In California

Historic Cap-and-Trade Law Passed In California

Once again proving that it’s not afraid to pick up the government’s slack, the State of California made history when it adopted one of the nation’s first cap-and-trade system for regulating greenhouse-gas emissions on Thursday.

The program, which will begin in mid-2012 with auctions of the emissions allowances, will be the nation’s most stringent cap-and-trade mandate but not the first, writes GreenBiz.com It follows in the footsteps of the Regional Greenhouse Gas Initiative, a program that covers utilities in Northeastern and mid-Atlantic states.

When the law goes into full effect, it will require all of the the state’s largest carbon emitters to meet emissions caps or buy credits if they cannot. A second phase of compliance begins in 2015 and is expected to include 85 percent of California’s emissions sources. By 2016, the program could represent $10 billion in traded carbon offsets, making it the biggest carbon market in the world after the European Union.

And thanks to stipulations that require all of the program’s carbon offset projects to be located within the United States, it’s a win-win scenario for Americans.

Former Gov. Arnold Schwarzenegger, a strong supporter of the original legislation, applauded the vote in a statement released Thursday evening.

“Today’s adoption of a cap-and-trade program is a major milestone for California’s continued leadership on reducing the world’s greenhouse gases. As I said both when we signed the legislation in 2006, and when we fought to protect it last year when Texas oil companies attempted to overturn it with Proposition 23, the most critical phase in the fight against climate change is diligently, aggressively, and correctly implementing this law.”

Some complain that the strict cap on carbon emissions will drive polluting companies and the few jobs they provide out of the state. But supporters and the Air Resources Board say the increase in “green” jobs encouraged by the legislation will outweigh short-term negative effects.

Related Reading:

Cap-and-Dividend Is SOOO The New Cap-And-Trade

Record C02 Emissions In 2010 Bode Ill For Climate

Smoking A Joint Could Ruin Your Carbon Footprint

Image Credit: Flickr – Jim Bowen0306

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40 comments

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9:58AM PDT on Oct 27, 2011

We need bold action to address climate change, not half measures that are not aggressive enough. We need a mandate that all electricty must come from solar, wind, geothermal, wave, tidal, or biogas, by 2025. It's way past time to address Global Warming, and ban all fossil fuels, like oil, coal, natural gas, and nuclear power with it's safety and nuclear waste issues.

9:56AM PDT on Oct 27, 2011

We need bold action to address climate change, not half measures that are not aggressive enough. We need a mandate that all electricty must come from solar, wind, geothermal, wave, tidal, or biogas, by 2025. It's way past time to address Global Warming, and ban all fossil fuels, like oil, coal, natural gas, and nuclear power with it's safety and nuclear waste issues.

9:02PM PDT on Oct 26, 2011

This sounds like good news. Way to go California!

1:20AM PDT on Oct 26, 2011

Way to go!

1:06AM PDT on Oct 26, 2011

thank you for sharing

1:12PM PDT on Oct 25, 2011

Replacing non-tariff regulation of pollution with excise taxes designed to capture costs imposed on innocent bystanders and bribing fossil fuel firms to turn into sustainable energy firms by accepting investment in sustainable energy production by fossil fuel firms as payment of tax would cut down on pollution quicker with less opposition from fossil fuel firms than cap and trade would.

9:05AM PDT on Oct 24, 2011

This legislation is too little too late. We will not get a handle on what's happening to our environment until more extreme measures are taken.

8:05AM PDT on Oct 24, 2011

I love how everyone applauds the largest failure of a state for passing an economy-killing bill that congress was SMART enough not to pass in a state with the largest debt in the US

6:31AM PDT on Oct 24, 2011

Do you really know who has planet,as all universe under control?

6:29AM PDT on Oct 24, 2011

thank you

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