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CARB chair urges reauthorization of cap-and-trade, stresses portfolio approach and market stability
Summary
California Air Resources Board Chair Leon Randolph told a joint Senate hearing that cap-and-trade must be extended to meet statutory climate targets, describing the program as cost‑effective and cautioning that changes ripple across a tightly linked system.
Leon Randolph, chair of the California Air Resources Board, told a joint oversight hearing of the state Senate that cap-and-trade is a “foundational part of California's climate policy portfolio” and needs reauthorization to keep the state on track to meet statutory climate targets.
Randolph said the program covers the state’s largest polluters — including ‘‘large factories, energy companies, oil and gas suppliers’’ — and that it has helped California meet prior goals while funding billions in climate investments. ‘‘Cap and trade establishes a declining limit on major sources of climate pollution throughout California,’’ he said.
The chair framed the program as one tool in a “portfolio approach” that also includes…
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