Full Speed Ahead – California Overwhelmingly Approves Landmark Greenhouse Gas Cap-and-Trade Program

more+
less-

As predicted, the California Air Resources Board (CARB) voted 9-1 on December 16 to adopt the nation’s largest cap-and-trade program to regulate greenhouse gas (GHG) emissions. The details of the regulations can be found in our prior update by clicking here. Given Congress’s inaction to advance national climate change legislation, the program will set the price for carbon in California (the seventh largest economy in the world), with invitations for linkage to other state and regional carbon credit markets.

At its public hearing, CARB voted to adopt its draft regulations and directed its staff to make various modifications and obtain input through a 15-day public comment process before finalizing and submitting the regulations to the California Office of Administrative Law. Suggested modifications to the cap-and-trade program include: (1) clarifying language in the final resolution with respect to emissions without a compliance obligation; (2) finalizing the allocation methodology for individual utilities; (3) incorporating efficiency benchmarks for each industry; (4) setting aside a certain percentage of allowances each year to incentivize the in-state production of voluntary renewable energy; and (5) ensuring consistency between compliance offset protocols and regulatory requirements for offsets.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

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.

© Morrison & Foerster LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×
×