Ok, so cap and trade ISN'T the answer?

California: Greenhouse gas institute slips under the radar:

A publicly funded, world-class research institute that would develop answers to the threat posed by climate-changing greenhouse gases is being crafted in the Legislature, and is among the last-minute proposals expected to come before the Legislature in the closing days of this year's legislative session.

The plan differs sharply from the original blueprint proposed by California's top utilities regulator, state Public Utilities Commission President Michael Peevey. Legislation encompassing the new, estimated $87 million-a-year plan is likely to be completed within a few days.

At time when public attention is focused on California's $15.2 billion budget shortage, the proposed California Institute for Climate Change has flown largely under the radar. But it has become the target of an intense lobbying campaign by a number of academic institutions who want to host the institute -- and its ability to attract top-flight scientific talent. Among those vying for the CICC is a Southern California consortium of UCLA, USC, CalTech and the Jet Propulsion Laboratory; the University of California at Berkeley, UC San Diego, Stanford University and others, Capitol sources say. Thus far, nobody has the inside track, although Peevey himself is believed to favor Berkeley, and it remains possible that the institute may be housed in multiple locations.