California’s Air Resources Board has missed a series of deadlines in its greenhouse gas cap-and-trade program, and has delayed implementation again. On March 27, Air Resources Board Chair Mary Nichols announced that the allowance auction scheduled for Aug. 15 would be postponed to the Nov. 14 auction. With a compliance date of Jan. 1, 2013, the extension exacerbates uncertainties relating to program implementation.
AB32, California’s Global Warming Solutions Act enacted in 2006, authorized ARB to implement a range of actions to reduce greenhouse gas emissions in California to 1990 levels by 2020. A central component of the program was “market-based” alternatives for regulating emissions. ARB identified “cap-and-trade” as the preferred market-based alternative in 2008. ARB adopted “final” regulations implementing the program in October 2011, after delaying the scheduled start date from Jan. 1 of this year to Jan. 1, 2013. In its adopting resolution, ARB acknowledged then that there were some remaining open issues that could require additional regulatory changes.
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