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CARB lays out cap-and-trade design, warns uncertainty has cut auction revenues
Summary
California Air Resources Board leaders told a joint legislative committee that cap-and-trade remains a cost‑effective core of the state's climate strategy, but regulatory and federal uncertainty has depressed auction revenues and poses challenges for reauthorization through 2045.
Leaders from the California Air Resources Board told the Joint Legislative Committee on Climate Change Policies on Thursday that the cap‑and‑trade program remains a central, cost‑effective tool for meeting state greenhouse‑gas targets but that uncertainty about the program’s future has reduced auction revenues and could complicate reauthorization.
CARB Chair Liane Randolph said the agency is committed to defending California climate programs and described cap‑and‑trade as part of a “portfolio approach” that pairs pricing with prescriptive regulations and incentives. Executive Officer Steven Cliff said the program has produced measurable public‑benefit funding, supported lower fuel costs through efficiency gains and created market signals that accelerate clean technology deployment.
CARB senior staff told lawmakers the…
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