Posted: Nov 14, 2012 9:20 AM by Associated Press
SAN FRANCISCO (AP) - California is debuting its new, landmark cap-and-trade program with an auction of greenhouse gas pollution permits, despite an eleventh-hour lawsuit filed by the state's largest business group.
The cap-and-trade plan is a central piece of the state's 2006 global warming law, AB32, a suite of regulations meant to reduce dramatically the state's emissions of heat-trapping gases.
The program places a limit, or cap, on emissions from individual polluters. Businesses are required to cut emissions to cap levels or buy allowances from other companies for each ton over the cap that is discharged annually. If a business were to cut emissions below the cap, it could profit by selling its extra allowances.
The program's first auction on Wednesday is being closely watched, as it will essentially put a price on carbon emissions for the first time in state history.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at email@example.com, and include the name of the story and information on the comment.
Thank you! KSBY.com
Get deals up to 80% off here!
Find the lowest gas prices in your area
Submit your photos to KSBY
Check out our calendar of events
Save with Hot Deals across our counties!
Events across the Central Coast
Follow The CW5 on Facebook.
The KSBY online public file.
What do you think? Leave us your feedback.
KSBY is your official CA Lottery station for San Luis Obispo and Santa Barbara Counties