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CARB chair urges reauthorization of cap-and-trade as senators press for clearer spending and market rules
Summary
California Air Resources Board Chair Liane Randolph told a joint Senate oversight hearing that cap and trade must be reauthorized to help the state meet its 2045 carbon neutrality goal, but senators pressed for clearer market rules and firmer spending commitments for auction revenues.
SACRAMENTO — California Air Resources Board Chair Liane Randolph told a joint Senate hearing that cap and trade remains "a foundational part of California's climate policy portfolio" and must be extended to help the state reach carbon neutrality by 2045.
Randolph and a panel of analysts and advocates appeared before the Senate Budget and Fiscal Review Subcommittee No. 2 and the Senate Environmental Quality Committee for a wide-ranging oversight hearing on cap-and-trade reauthorization, auction revenues and how the state spends the proceeds from allowance sales and consigned allowances into the Greenhouse Gas Reduction Fund (GGRF).
Why it matters: Cap and trade both sets a declining cap on emissions from major sources and generates substantial auction revenue that the state directs to climate programs. Lawmakers said they want certainty for investors and regulated entities, while advocates and local officials asked for stronger, continuous funding for community air protection,…
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