September 21, 2012 by California Carbon
Climate Connect News, London: Industry members in California are protesting against the introduction of ARB’s Cap-and-trade scheme. The California Chamber of Commerce has written to Governor Gerry Brown to terminate the scheme, the Associated Press reported.
Business groups object that the introduction of cap-and-trade scheme, due to auction allowances on 14th November 2012, will put additional costs on the already struggling economy of California. A liability of an estimated $1 billion per annum will be added to 500 businesses covered under this new regulation.
Yesterday, ARB had announced formation of Emissions Market Assessment Committee (EMAC), to address any market issues raised by the stakeholders. With the first meeting due on 24th September 2012, stakeholders are asked to send emails to the assessment committee for analysis and advice.
California’s cap-and-trade mechanism is the first state level scheme to be introduced in the US; and therefore its success is being closely watched by green groups and other states in the US.
California will auction a total of 61.2 million emission allowances in the first trading session of November. In the first year only 10% of the units will be required to be traded in the market, but this will gradually increase to 50% by 2020.
Australia has also introduced a national level scheme recently and decided to link it to the EU ETS. Reports suggest unlikeliness of linking the programme to EU ETS; but a link with Quebec is being considered. The agenda of EMAC confirms considering impacts of a possible linkage on the carbon markets of California.
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