California Gives $4 Billion in Free Carbon Allowances to Oil Industry Amid Affordability Concerns
By
Todd Woody
Crusty in the right places. Worth the chew.
Summary
California's Air Resources Board voted to give up to $4 billion in free allowances to oil refiners and industrial polluters under the state's Cap-and-Invest carbon market, marking a retreat on climate goals amid affordability and soaring gasoline price concerns. The move eases compliance costs for the oil industry while raising questions about the state's climate commitments.
Key quotes
· 2 pulledCalifornia has become the latest Democrat-led state to retreat on climate goals amid affordability concerns as regulators Friday revamped its carbon market to ease costs to the oil industry.
The California Air Resources Board (CARB) voted to give up as much as $4 billion worth of free allowances to oil refiners and other industrial polluters to help them comply with greenhouse gas limits imposed by the state's 13-year-old carbon market, called Cap-and-Invest.
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