California Adopts Final Cap-and-Trade Program Rules.
On October 20, the California Air Resources Board (CARB) approved final rules for the state’s cap-and-trade program, beating a October 28 deadline for codification of any rules that are to take effect the following year. CARB also issued a 14-page resolution demonstrating its intention to amend the rules as necessary to address outstanding issues. The cap-and-trade program results from the state’s Global Warming Solutions Act of 2006 (A.B. 32) and is part of a state strategy to reduce GHG emissions to 1990 levels by the year 2020. Regulations for the program will take effect January 1, 2012 and the first compliance period will run from January 1, 2013 until December 31, 2014.