Oil refineries and other companies have accumulated so many credits allowing them to pollute that it could jeopardize California's emissions goals.
Oil refineries, utilities and other companies that must pay to emit greenhouse gases in California have saved up so many credits allowing them to pollute that it may jeopardize the state’s ability to reach its ambitious climate goals, according to a report by a panel that advises state officials., known as “cap-and-trade,” which requires companies to buy, trade or receive pollution “allowances” equivalent to how much they plan to emit.
“Because of the size of the bank, it’s plausible that all the covered sources don’t reduce emissions at all over the course of the decade,” committee Chairman Dallas Burtraw said. Sahota said the air board already took some allowances out of the auction market in response to the large bank of credits. That’s similar to approaches that have been taken in other carbon markets in Europe and the northeastern U.S.
The air board’s last scoping plan found that cap-and-trade would be responsible for 38% of the state’s emissions reductions — essentially anything that can’t be achieved by those other programs. The 2022 update will likely diminish the role of cap-and-trade, Sahota said. “Offsets” are projects aimed at removing carbon from the atmosphere, and companies can use a limited amount instead of carbon allowances. The offset projects don’t have to occur in California and include things like projects thatState Sen. Bob Wieckowski said he should have pushed harder to bar companies from keeping saved allowances after 2021, forcing them to start afresh. He will lead a Feb.
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