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In 2018, California spent $1.4 billion raised from its cap and trade program to reduce greenhouse gas emissions, out of $3.4 billion spent cumulatively since 2012; notable projects include California High-Speed Rail and the Clean Vehicle Rebate for low-emission vehicles. [65]
The California Cap-and-Trade program was created by CARB as a market mechanism to reach GHG emission reduction targets established in AB-32. There currently is a Cap-and-Trade program in California, though it is not directly required under SB-32, which simply establishes a clear emissions reduction goal.
Gov. Gavin Newsom says $11 billion spent through California's cap-and-trade program over 10 years represents the 'backbone' of state efforts on climate change.
Through the Western Climate Initiative (WCI), California is working to link its cap and trade system to other states. In October 2013, California officially linked its cap-and-trade program with Quebec Ministry of Sustainable Development, Environment, Wildlife, and Parks.
Good day,Clean truck programs funded by California's cap-and-trade program may take a hit as the coronavirus pandemic has limited fossil fuel activity that drives the pollution reduction program ...
The program, called cap and trade, was the first of its kind in the U.S. when launched in 2013 and set the ambitious goal of slashing turn-of-the-century emission levels by 40% by the year 2030.
Under the trading program, hundreds of polluting facilities are required to cut their emissions of nitrogen oxides (NOx) and sulfur oxides (SOx). Under the system, which operates as a cap-and-trade program, each participating facility is given a certain number of emission rights (the 'cap') for free.
The project is funded primarily by federal grants and California's cap-and-trade program. Since 2009, it has received nearly $6.8 billion from the federal government.