Business Groups Plan Protest over California's Cap-and-Trade Plan
Business groups plan a major protest against California's cap-and-trade carbon market at a regulatory hearing Thursday.
Manufacturers, oil refiners and others plan to testify against the controversial market during a meeting of the California Air Resources Board, which is in charge of the fledgling carbon market.
These groups see the carbon market as a giant tax that will cost businesses upwards of $1 billion a year. They are urging the Air Resources Board, and Gov. Jerry Brown, to lighten the cost burden on businesses or do away with the program altogether.
The program is the central piece of California's climate-change law, AB 32. The market kicks off in earnest Nov. 14, when the resources board will auction off 61 million credits. Each credit represents the right to emit a ton of greenhouse gases.
The board has said it might give away more of the credits for free, instead of auctioning them off. Some business groups are urging the state to make all the credits free.
Thursday's meeting is expected to include a ...