Opinion: Why California's climate solution isn't cutting it (via latimesopinion)
Many Californians take pride in the state’s position on the front lines of the global climate change struggle, but the dismal performance of its centerpiece climate program — cap and trade — shows that in a crucial way the state’s reputation is undeserved. Even here, in the heartland of climate awareness, it turns out that the oil industry calls the most important shots.by ProPublica delineates how the oil industry has successfully gamed the cap-and-trade program.
in June, at least 57 jurisdictions have established carbon pricing programs. The problem, as the report points out, is that “prices remain too low to deliver on the objectives.”its successful backing Meanwhile, the program has issued so many permits to pollute — sold or given to companies in the early days of cap-and-trade, when the cap wasn’t set low enough — that emission levels haven’t dropped significantly enough. In addition, companies have stockpiled enough permits to ward off increased emissions reductions, possibly through the next decade.
Because of the glut of permits and offsets, the market’s carbon price — currently at $17 a ton — is too low. The World Bank report called for carbon prices of $40 to $80 a ton by 2020 and $50 to $100 a ton by 2030, if we were to reach the Paris agreement goals.
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