The California legislature voted on July 17 to extend its cap and trade program through 2030, passing Assembly Bill 398 with a bi-partisan vote in both the Senate (28 – 12) and Assembly (55 to 21).
The Business Council for Sustainable Energy joined a chorus of business, utility, environmental, health, climate, academic and local government voices in support of extending the cap and trade program, sending a July 14 letter to California Governor Jerry Brown, Senate President Pro Tempore Kevin de León and Assembly Speaker Anthony Rendon.
The Council has long supported market-based approaches to addressing climate change and applauds California’s leadership in developing a cap and trade program to reduce greenhouse gas (GHG) emissions. Extension of the cap and trade program will provide continued policy certainty to the business community and accelerate climate-friendly investment in the state. California’s leadership on climate change sends strong market signals to other states and localities that are increasing their engagement in climate mitigation and adaptation policy and investment.