July 28, 2017 by Ronjoy Bezbarua
(Source: CARB) Following more than 18 months of review and public comment, the California Air Resources Board today approved amendments to the state’s cap-and-trade program that improve its implementation and the state’s effort to curb greenhouse gas emissions. These amendments also establish a framework for the program’s annual limits on greenhouse gas emissions beyond 2020, to be revised in a subsequent, public rulemaking process to reflect the requirements of AB 398. Board action includes adopting amendments that have been in development since late 2015, and were first heard by the Board in September 2016. The amendments include linking with Ontario, which launched its own cap-and-trade program earlier this year. The Canadian province is expected to link with California’s program in 2018, becoming the second jurisdiction to join California following Quebec in 2014. Additionally, the Oregon legislature is considering a measure to establish a cap-and-trade system that is compatible with California’s.
Other amendments adopted by the Board address how carbon allowances are allocated to prevent economic and emissions “leakage” (i.e., the risk that an industry would move operations out of state due to competitive disadvantage) and streamline other requirements of the current program.
This week, Governor Edmund G. Brown Jr. signed a legislative package extending the cap-and-trade program through 2030 (AB 398) and establishing a new program to improve air quality in local communities (AB 617). The legislation helps ensure California continues to meet its ambitious climate change goals while addressing air pollution in communities with the dirtiest air.
CARB will begin its new rulemaking process later this year to implement the requirements of AB 398 and reflect the Legislature’s direction in extending the program through 2030. Read full article….
Secondary Market Digest – February 2018
March 9, 2018
Regulatory Round-up: Cap-and-trade uncertainty in Ontario looms due to gene...
February 21, 2018
Secondary Market Digest – January 2018
February 9, 2018