And you thought the California Global Warming Solutions Act (AB32) was all about limiting greenhouse gas emissions, didn’t you? Think again.
There is a brewing fight in Sacramento over how to spend the gold expected to start pouring in when the Golden State starts its carbon cap and trade program. The original intent of AB32 was to use the proceeds from the carbon permit auctions to invest in technologies and programs that reduce greenhouse gas emissions. Makes sense, right?
But the law was passed in the boom times of 2006...
California’s mega-millions winning ticket is Governor Brown’s 2012-2013 State Budget proposal to take 80% of the carbon tax revenue or about $500 million per year to reduce the budget deficit for the coming two years.
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