As Evidence of Cap and Trade Problems Mounts, California Air Regulators Remain Defiant
At a state Senate hearing on Wednesday, top regulators dismissed concerns about the ability of California’s cap and trade program to help the state meet its climate goals. The hearing focused on a recent report that found oil and gas companies and other polluters have pocketed so many permits through the program — in which companies buy and trade pollution allowances equal to how much they plan to emit — that there is hardly any incentive left for them to actually reduce their emissions.