California to adopt ‘cap and trade’ to combat climate change
Green Energy
Taking the lead where Washington has wavered, California today is expected to adopt the nation’s most ambitious plan yet to curb global warming.
The California Air Resources Board is all but certain to vote to approve comprehensive “cap and trade” regulations designed to cut greenhouse gases. The regulations would impose limits, or “caps,” on emissions from large industrial polluters through permits, or allowances, that could be traded on a market.
California’s plans to forge ahead are in sharp contrast to the lack of action from Washington, where Congress has rejected cap and trade at the national level. While the state’s plans have drawn criticism from affected industries, the cap-and-trade program is expected to be a boon for Silicon Valley’s burgeoning cleantech economy.
“We are the innovators when it comes to figuring out how to reduce carbon,” said Bob Hines, energy director of the Silicon Valley Leadership Group. “We’re really excited. It sends the market signal we’ve all been waiting for, and it’s going to lead to further job creation.”
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