“Cap and trade, featuring a market where permission to pollute is bought and sold, is a key mechanism California uses to lower the volume of harmful discharges by industries that are subject to state emissions caps. But as the California Air Resources Board ponders a major retrofitting of the highly complex program, state analysts say that in a little over a decade emissions could soar much higher than the legally binding level.
Checking the math on cap and trade has taken on urgency this year because the state is leaning more heavily on the system to reduce greenhouse-gas emissions. The air board projects the program will account for about 46 percent of annual reductions in coming years, a figure that has surprised many experts.”
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