New Cap-And-Trade Numbers Released By State
Sacramento, CA — California raised more than $800 million from selling permits to release greenhouse gases in the latest quarterly Cap-and-Trade auction.
Auction results released Wednesday show all available permits were sold through its program, which requires polluters to obtain permits for each ton of carbon they release. 60 percent of the revenue is earmarked for specific projects including the controversial high-speed train project planned to run between San Francisco and Los Angeles. The remaining 40 percent is divvied up by state lawmakers for programs that address climate change, like electric-vehicle subsidies.
Cap-and-trade is a central part of the state’s plan to reduce greenhouse gas emissions 40 percent below 1990 levels by 2030. Demand for permits has been consistently high since lawmakers last year extended the program until 2030.