Experts and the LAO_CA told lawmakers what they’ve heard before: The market-based cap and trade program that California relies on to do the heavy lifting to reduce climate-warming pollutants is unlikely to achieve the state’s 2030 targets
that allows polluters to buy credits to offset their emissions has been the centerpiece of California’s climate change policies for a decade — and a lightning rod for criticism since then. Environmental justice advocates
The final scoping plan, he said, “may show that cap and trade does not need to play such a large role.” Some companies have not yet needed to use up the allowances to stay within state emissions limits and probably won’t have to in the next couple of years, according to some analysts; the advisory group estimated there are about 321 million credits in the bank, about twice as many as regulators had anticipated.
Blumenfeld said the air board would submit an analysis of the credit banking system to the legislature by the end of 2023.
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