Starting next January, California's cap-and-trade carbon market
probably won't be operating on its own anymore.
Gov. Jerry Brown on Monday gave state regulators the green light to link California's carbon market with a similar market in the Canadian province of Quebec. The California Air Resources Board is expected to vote April 19 on whether to link with Quebec.
If the two become linked, California companies could buy carbon credits from Quebec and vice versa. "The allowances will be completely fungible," said David Clegern, spokesman for the Air Resources Board.
In addition, "this obviously is a way to have an impact (on climate change) beyond what happens in California," he said.
California regulators had hoped that their carbon market would be part of a Western states consortium. But while California's market debuted last fall, no other state has committed to running a market yet; Quebec is the only Canadian province to join in.
The market is the centerpiece of AB 32, the state's 7-year-old global warming law.
Several hundred big industrial polluters are required to reduce their carbon emissions below a certain level -- the "cap." If they don't, they have to buy emissions allowances to compensate.
The total cap shrinks slightly each year, which is supposed to result in a gradual reduction in emissions.
Call The Bee's Dale Kasler, (916) 321-1066. Follow him on Twitter @dakasler.
(c)2013 The Sacramento Bee (Sacramento, Calif.)
Distributed by MCT Information Services
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- Keurig Adds Peet's coffee, Alters Starbucks deal
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- Motley Crue's Nikki Sixx Marries Model Courtney Bingham
- U.S. to Relinquish Gov't Control Over Internet
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.
- Some California Cities Seeking Water Independence
- Will Missing Malaysian Jet Prompt Aviation System Change?