California OKs Cap-and-Trade
Other states are watching to see how well program works
By Kevin Spak, Newser User
Posted Oct 21, 2011 7:39 AM CDT
Steam pours out of a smokestack at the Conoco Phillips refinery February 22, 2008 in Rodeo, California.   (Getty Images)

(Newser) – California became the first state in the nation to adopt its own cap-and-trade system yesterday, as its Air Resources Board voted unanimously to approve the regulations. The vote came after a grueling eight-hour meeting filled with the opinions of angry union members, disapproving industry representatives, and miscellaneous plan supporters, the LA Times reports. After the board finally held the vote, chairman Mary Nichols announced, “We’ve done something important.”

The air pollution controls won’t actually kick in until 2013, and then only for the state’s biggest carbon emission sources; they will be expanded to cover around 85% of emitters in 2015. Other states will be watching the program closely, and may imitate it if it’s successful. The program sets a cap on carbon emissions, and allows companies that are under the cap to sell their excess allowance to companies that are over. California's carbon market is expected to eventually be the second-largest in the world, behind the European Union.

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Showing 3 of 13 comments
Riffran
Oct 22, 2011 1:08 AM CDT
well THAT should spur the economy.....even faster to oblivion
b1izzard
Oct 21, 2011 4:59 PM CDT
It is shocking to see states like California and my own Illinois pressing on with policies that have failed and collapsed areas of the world. Is it possible that they don't learn from those lessons? How can our own leaders be so deliberately blind to a truth that makes sense and has a recent, solid history? I hope it is dishonesty and not this level of incompetence.
boxcar
Oct 21, 2011 1:33 PM CDT
This is the start of a long slide down the slippery slope to eventual CONTROL of human rights of reproduction Before 2050 we will have a constitutional ammendment where citizens have the right to reproduce ONCE only 2 kids per family, NOT 3x,4x,5x,6x,7x,8x,9x,10x,11x,12x,13x,14x,15x,16x,17x,18x,19x,20x, etc It'll be the Anti-LITTER ammendment and will serve to REDUCE carbon emissions by reduction in population Its a good thing on spaceship Earth as there are NO LIFEBOATS are there? Screw this planet up and its over