The Legislature is considering today a substantial and harmful change to the cap-and-trade market a mere 18 months after the Air Resources Board completed its rulemaking to implement bipartisan legislation passed in 2017.
These changes would force ARB to restart this rulemaking specifically to increase the previously set carbon prices in order to generate more revenue to use for various state subsidies and programs. The only way to do this is to substantially increase the cost of gas, energy, and other consumer goods for Californians at a time when they can least afford it.
A vocal minority of people who opposed the cap-and-trade system in 2017 are attempting to insert this tax increase-masquerading-as-a-benign-rulemaking provision into a tiny part of the budget bill in a way that hid the maneuver from many members of the California Legislature until just recently. Read More