California Continues to Blaze New Trail on Climate Change Cap-and-Trade Policy

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The 45-day public comment period began Nov. 1 for proposed regulations by the California Air Resources Board to implement a landmark cap-and-trade program for greenhouse gas emissions. California’s proposal, which ‘‘has the ambition to lead towards a national and international cap-and-trade program,’’ appears to have been bolstered by recent election results in California, say attorneys Peter Hsiao, William M. Sloan, and Michael J. Steel in this BNA Insight. The authors describe the proposed cap-and trade program, and analyze its key elements.

In the midst of a contentious political debate about climate change and the economy, the California Air Resources Board (CARB) issued its draft regulations to implement the centerpiece of the state’s Global Warming Solutions Act (AB 32), a landmark cap-and-trade program for greenhouse gas (GHG) emissions. While there are other, smaller cap-and-trade programs in the United States, California’s proposal will cover approximately 85% of the state’s total GHG emissions and has the ambition to lead towards a national and international cap-and-trade program.

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