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In 2011, the Board adopted the cap-and-trade regulation. The cap-and-trade program covers major sources of GHG emissions in the State such as refineries, power plants, industrial facilities, and transportation fuels. The cap-and-trade program includes an enforceable emissions cap that will decline over time.
In 2018, California spent $1.4 billion raised from its cap and trade program to reduce greenhouse gas emissions, out of $3.4 billion spent cumulatively since 2012; notable projects include California High-Speed Rail and the Clean Vehicle Rebate for low-emission vehicles. [65]
Gov. Gavin Newsom says $11 billion spent through California's cap-and-trade program over 10 years represents the 'backbone' of state efforts on climate change.
The California Cap-and-Trade program was created by CARB as a market mechanism to reach GHG emission reduction targets established in AB-32. There currently is a Cap-and-Trade program in California, though it is not directly required under SB-32, which simply establishes a clear emissions reduction goal.
Shannon Douglass, president of the California Farm Bureau, said in an email that the state’s agriculture business “has faced significant challenges due to past trade disputes.”
California regulators just voted to ignore the long-term environmental and social costs of factory-farm incentives. Our climate solutions must not come at the expense of environmental justice.