California's ambitious climate goals hinge on the future of its cap-and-trade program, set to expire in 2030. This program, initiated in 2006, mandates major polluters to purchase allowances for carbon emissions, allowing trading of unused credits. Governor Gavin Newsom advocates extending it to 2045. While it covers two-thirds of the state's emissions and generates significant revenue, experts stress that extending the program is crucial for achieving carbon neutrality. Critics demand reforms to enhance its effectiveness and address concerns about the cap's strength and funding allocations.
"It is hugely consequential - it is a decadal decision," said Barry Vesser, chief program officer at nonprofit The Climate Center. "Californians overwhelmingly support doing something about climate change. We need the program, and it needs to be strengthened."
Critics argue that the cap-and-trade program's framework may not sufficiently limit emissions, raising concerns about the effectiveness of the program in achieving climate goals.
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