California Air Resources Board Concludes that Implementing Greenhouse Gas Reductions Mandated by Law Will Benefit California's Economy

The California Air Resources Board (ARB) recently released its Updated Economic Analysis of California's Climate Change Scoping Plan. The detailed report examines the economic impact to California of implementing the strategies set forth in the Climate Change Scoping Plan (released in December 2008). The Scoping Plan sets forth California's blueprint for reducing greenhouse gas emissions to 1990 levels by 2020, as mandated by California's landmark Global Warming Solutions Act of 2006 (AB 32). The Scoping Plan identified several strategies for reducing emissions, including promoting energy efficiency in virtually all economic sectors, cap and trade of emissions, and transportation-related measures aimed at reducing emissions from vehicles (including development of low-carbon fuels and land use development strategies). The Economic Analysis was designed to measure the effect on California's economy from implementing the Scoping Plan.

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Published In: Environmental Updates, Finance & Banking Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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