state cap and trade
Pricing carbon may not work the way economists thought.
In theory, pricing carbon should incentivize emissions reductions. In reality, it is unclear to what extent that takes place unless the carbon price is very high. This is not to say that pricing carbon is useless, but the main benefits may take different forms. Basically, there are two ways of putting a price on carbon. …CONTINUE READING
Why Was the Lawsuit Challenging California’s Cap-and-Trade Auction Filed Just One Day Before the Auction?
As Ann posted earlier today, the California Chamber of Commerce has filed a petition for writ of mandate in a California superior court, alleging that the auction of allowances to emit carbon dioxide scheduled for tomorrow constitutes an illegal tax and is not authorized by the California law AB 32. AB 32 requires the state …CONTINUE READING
UPDATES: California Air Resources Board Chair (and former UCLA colleague) Mary Nichols comments below. The Complaint in this action is available here (caption page separately available here). A coalition of California environmental justice advocates has filed a lawsuit challenging the legality of the California Air Resources Board‘s scoping plan for AB 32, the landmark climate …CONTINUE READING
I’ve been reading the Waxman-Markey energy and climate discussion draft released earlier in the week (and blogged about by Rick here). One thing I’m puzzling over is the draft’s treatment of state cap and trade regulations. As many have noted, the question of which state climate efforts are saved and which are preempted is an …CONTINUE READING