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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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Oh, So This Is Why Valero Wants to Stop California's Climate Law

A new report shows that Valero, a Texas oil company, makes tons of money in California.


Back in 2006, California passed Assembly Bill 32, a law that required the state to lower greenhouse gas emissions to 1990 levels by 2020. It's a pretty forward-looking piece of legislation.

But this year there's an initiative on the ballot called Proposition 23 that would basically kill California's climate change law. (Technically, it would just "suspend" A.B. 32 until unemployment drops below 5 percent in the state, but that's not likely to happen for a long time.)

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