Thursday, November 22, 2012

Uh oh: Looks like California's carbon dioxide hoax scam fraud swindle may net the state only $140 million, rather than $1 billion, this fiscal year

First cap-and-trade auction a bust for California budget - Business - The Sacramento Bee
A low price for credits and minimal demand for future offsets suggest California will see a mere fraction of the $1 billion that Gov. Jerry Brown and lawmakers estimated the state would receive this fiscal year.

If demand remains similar in two forthcoming auctions, the state would generate only about $140 million, the nonpartisan Legislative Analyst's Office estimated Wednesday.
As California sells credits, it stands to benefit financially. Brown and lawmakers assumed California would take in $1 billion total this year, spending $500 million on state budget relief and $500 million on curbing greenhouse gas emissions.

The California Air Resources Board sold $289 million in credits this month, but most of the money is dedicated for utilities and their ratepayers. That leaves $55.8 million for the state.

Had ARB sold all of its 2015 credits rather than just 14 percent of them, it would have raised nearly $400 million for the state this month.

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