Calif. businesses eye looming cap-and-trade program
Time is running out for businesses to get changes made to the state’s cap-and-trade program.
Rules for California’s cap-and-trade program – part of the 2006 Global Warming Solutions Act that aims to reduce pollution below 1990s levels by 2020 — will be finalized in October.
But in August the California Air Resources Board, which oversees the implementation of the program, will vote on draft rules to be followed by a 15-day public comment period. That’s the last chance to get the law changed before it goes into effect.
“Some companies are breathing into a paper bag,” said Josh Margolis, CEO of CantorCO2e, an environmental brokerage in San Francisco.
The cap-and-trade program will cap certain greenhouse gas emissions and require 360 businesses to reduce their emissions or either buy offsets or secure allowances equal to their emissions. CARB is in the midst of deciding how many pollution allowances – basically credits allowing companies to pollute for free — to award to each company.
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