Chances of Survival Improve: California Passes Cap-and-Trade Legislation

Good news: California is creating the largest cap-and-trade system in the world (outside of Europe, of course).

It gets better!

Yesterday, California's Air Resources Board passed a law that will reduce the state's greenhouse gas emissions to 1990 levels by 2020. It establishes a cap-and-trade system: Industries will now need permits for their carbon emissions, the permits can be traded among different polluters on an open market, and the total emissions allowed by the permits falls over time.

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