Brown Basks in Glow of Cap & Trade

The day after Gov. Jerry Brown signed into law SB 100—requiring that 100 percent of California’s electricity come from wind, solar and other carbon neutral resources by 2045—the 80-year old governor celebrated a victory lap as he heads toward retirement. He touted the state’s carbon cap-and-trade market during a Sept. 11 conference on carbon pricing.

“Nothing is more to the point than what this conference is about than cap-and-trade,” Brown said on the eve of the launch of his Global Climate Action Summit in San Francisco.

Putting a price on carbon emissions to get people to reduce the use of fossil fuels “is a very powerful tool.” He emphasized that setting the price right was critical to efficiently achieving emission reductions.

Brown noted the California Air Resources Board’s carbon auctions under the state’s cap-and-trade program have produced $8 billion. The auction funds are used to invest in carbon reduction measures, including incentivizing electric vehicle infrastructure and housing near public transit.

But, the auction represents only 20 percent of the emissions reduction market, making it just one solution to climate pollution, he pointed out. “It requires a global response with many elements.”

Equally important, Brown added, are growing renewable resources, energy efficiency and storage, and carbon sequestration. Carbon capture and sequestration has yet to be substantially developed.

Although carbon cap-and-trade is one of many solutions to global warming, it is one that Brown said should be expanded, noting Quebec’s participation. Ontario pulled out of the ARB carbon market soon after it entered it after a recent change in government leadership.

However, Brown said the hope now is that Mexico will join the ARB’s carbon market. Increasing the imperative, he said, is that the Trump Administration is weakening methane emission standards, a move booed by the audience at the plush Palace Hotel in Fog City.

Mary Nichols, Air Board chair, pointed out that air pollution does not stop at borders. “The state is looking at how it in can participate in a global carbon market,” she said. — Elizabeth McCarthy

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Brown Basks in Glow of Cap & Trade

William J. Kelly

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