California’s Carbon Market to Curb Greenhouse Gases

California’s new law, known as A. B. 32, is a grand experiment to control climate change. It would become the first state to charge polluting industries for greenhouse gases they emit. It would offer allowances in a carbon trading market, where companies can purchase offset credits from projects that reduce green house gases.

“A portion of these so-called allowances will be allocated to utilities, manufacturers and others; the remainder will be auctioned off. Over time, the number of allowances issued by the state will be reduced, which should force a reduction in emissions.”

Critics fear that it would drive away polluters such as refineries, cement makers and glass factories, while others argue that such offsets will be prone to misuse and produce little environmental benefits.

 

Reference: Barringer, Felicity, A Grand Experiment to Rein In Climate Change, The New York Times, October 13, 2012

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