Web Sify
Follow us on

California debuts landmark cap-and-trade system

Source : AP
Last Updated: Wed, Nov 14, 2012 23:00 hrs

: California has begun auctioning permits for greenhouse gas emissions, launching what is expected to be the world's second-largest carbon market.

CENTRAL PIECE: The plan is a central piece of the state's 2006 global warming law, a suite of regulations meant to dramatically reduce emissions of heat-trapping gases. Businesses must either cut emissions to cap levels or buy allowances from other companies for each extra ton of pollution discharged annually.

CHAMBER OPPOSITION: The auction occurred despite a last-minute lawsuit from the California Chamber of Commerce, which has argued the program should be invalidated as an illegal tax.

blog comments powered by Disqus
most popular on facebook
talking point on sify finance