They headline it as A Grand Experiment to Rein In Climate Change
Such audits will be crucial as California embarks on its grand experiment in reining in climate change. On Jan. 1, it will become the first state in the nation to charge industries across the economy for the greenhouse gases they emit. Under the system, known as “cap and trade,†the state will set an overall ceiling on those emissions and assign allowable emission amounts for individual polluters. A portion of these so-called allowances will be allocated to utilities, manufacturers and others; the remainder will be auctioned off.
Over time, the number of allowances issued by the state will be reduced, which should force a reduction in emissions. (snip)
The outsize goals of California’s new law, known as A.B. 32, are to lower California’s emissions to what they were in 1990 by 2020 — a reduction of roughly 30 percent — and, more broadly, to show that the system works and can be replicated.
The risks for California are enormous. Opponents and supporters alike worry that the program could hurt the state’s fragile economy by driving out refineries, cement makers, glass factories and other businesses. Some are concerned that companies will find a way to outmaneuver the system, causing the state to fall short of its emission reduction targets.
“The worst possible thing to happen is if it fails,†said Robert N. Stavins, a Harvard economist.
I just have to wonder how wise it is to attempt an “experiment” in California, the world’s 8th largest economy (2011) if compared to the nations of the world. The worst possible thing is to experiment in a state with an economy that is already close to Greece’s, and these globull warming regulations will push the economy further down the road to insolvency, raise consumer costs, reduce available power in a state which already has problems, push even more companies to leave for greener pastures (tons have already moved to Arizona and Texas), all for a mostly fake issue, and we know it’s fake because most Warmists won’t practice what they preach.
Carbon markets around the world have collapsed, seeing the price of carbon become almost non-existent, and there has been massive fraud and graft in said markets. On the bright side, perhaps the economy of California will collapse so much that the already insanely high prices will become reasonable. On the flip side, when the economy of California collapses, elected officials will want it bailed out.
