On November 2nd, California voters will vote on Proposition 23, which is an attempt to postpone the CO2 cap-and-trade legislation initiated by the 2006 AB (assembly bill) 32. It stipulates that in order for regulations to be put into place, unemployment must drop from 12% to below 5.5% and remain there for four quarters.
On Friday, the Air Resources Board released its most current draft of regulations. It reads like standard cap-and-trade policy: set a cap for CO2 from heavy emitters, allot credits (for free), and then allow these companies to sell/trade these credits each year. The program is set to begin in 2012, and if it functions properly, emissions will be reduced 15% by 2020.
Current polls show that California voters are split 33% for and 48% against Prop 23 (with the rest undecided). Hopefully, these numbers are accurate, and the policy freeze won't pass.
Cap-and-trade was a great success for reducing SOx emissions and acid rain. Who's to say it won't work for CO2 and global warming? If any state can start us off, it's The Golden State.
I hope all of you vote on Tuesday, especially if you're registered in California.
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