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09 Apr 2012: California Might Reap Billions
Of Dollars From Cap-and-Trade Auctions

The state of California stands to raise billions of dollars annually — and as much as $14 billion a year by 2015 — after it launches its ambitious carbon cap-and-trade system later this year. According to a report

California Takes the Lead
With New Green Initiatives

California is taking bold steps to tackle climate change — from committing to reductions in emissions, to establishing a cap-and-trade system, to mandating more zero-emission vehicles. The bottom line, Mark Hertsgaard reports, is to foster an economy where sustainability is profitable.
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by the state’s Legislative Analyst’s Office, the auctioning of CO2 pollution credits, which will begin this fall, could raise $1 billion to $3 billion in 2012 and 2013, and jump to $14 billion within three years. By comparison, the current state budget deficit is $9 billion. State officials say, however, that they will be limited to spending the funds on projects related to reducing greenhouse gas emissions. In addition, several business and taxpayer groups are preparing lawsuits to kill the system altogether. Nevertheless, Gov. Jerry Brown’s budget for the next fiscal year includes $1 billion from the auction. The auctions are part of the state’s ambitious Global Warming Solutions Act, passed in 2006, which commits the state to cutting greenhouse gas emissions by 80 percent by 2050. Beginning this year, the law allows companies to bid for emissions allowances. Dan Richard, chairman of the California High-Speed Rail Authority, told the San Jose Mercury News that a significant amount of the funds could go toward high-speed rail projects, such as a proposed line from Los Angeles to San Francisco.

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