On Nov. 14, the California Air Resources Board took a big step to implement AB 32 the state’s landmark climate change legislation by conducting its long-anticipated first auction of tradable carbon allowances under a market-oriented cap-and-trade system for controlling statewide greenhouse gas emissions.
When originally enacted, AB 32 (formally known as the Global Warming Solutions Act of 2006, Cal. Health & Safety Code §38500, et seq.) encouraged the use of a cap-and-trade system as one way in which California could meet the law’s goal of reducing statewide GHG emissions to 1990 levels by the year 2020. On Oct. 24, 2011, CARB adopted a final cap-and-trade regulation that covers major GHG emission sources (such as refineries, power plants, industrial facilities and transportation fuels) and includes an enforceable emissions cap that will decline over time. Under the regulation, CARB has authority to distribute tradable allowances equal to the emissions permitted under the cap.
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