California to Extend Cap-and-Trade System to 2050 - Scientific American

California to Extend Cap-and-Trade System to 2050 - Scientific American: "The plan to extend the carbon market comes as state lawmakers and Brown (D) are engaged in negotiations to set a new overarching emissions target for 2030. It’s unclear whether ARB has the authority to go beyond 2020 currently, thanks to a combination of potentially limiting language in the original climate law, A.B. 32, and a lawsuit challenging the legality of cap-and-trade auctions under a law requiring a two-thirds legislative majority to approve taxes.
The amendments released yesterday would establish decreasing emissions caps for covered entities through 2031, to reach 40 percent below 1990 levels, and would include preliminary caps through 2050 “to signal the long-term trajectory of the program to inform investment decisions.”
Other proposed amendments would provide for compliance with U.S. EPA’s Clean Power Plan for existing power plants, allocate allowances to businesses in order to prevent emissions from escaping state borders, and streamline how emitters register and participate in auctions."



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