Two new California environment proposals were announced late Monday: AB 398, which would extend the cap-and-trade program to the end of 2030, and AB 617, which would make oil refineries in polluted locations switch out their equipment with more green technology by 2023.
The cap-and-trade proposal has proven to be controversial. It would stop local air districts from creating their own carbon-emissions regulations for industry already regulated by cap-and-trade. It would also create a hard ceiling on the price of allowances, which is a boon for businesses since it prevents the sharp rise of prices. That’s only a few of the bill’s provisions.
We break down the cap-and-trade and air quality bills, as well as how they negotiates oil industry and environmental interests.