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Senators press CARB on allowances, price collar and offsets; experts warn markets need certainty
Summary
Senators asked CARB about reducing allowances, protecting against price spikes and the role of offsets. Witnesses said a narrower price collar and early regulatory clarity would reduce revenue volatility and legal uncertainty for market participants.
SACRAMENTO — A central focus of the Senate hearing was the cap‑and‑trade market's design: how many allowances the state should issue, whether offsets should remain part of compliance, and how to prevent sharp price increases that would raise consumer costs.
CARB Chair Liane Randolph described the program's mechanics and safeguards including a price ceiling and other cost‑containment features, and reminded lawmakers the board is considering removing allowances to align the market with the 2022 Scoping Plan.
"For this program, we must keep in mind that it is…
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