California lawmakers are aiming to reauthorize the state’s cap-and-trade program ahead of its expiration in 2030, setting up a major lobbying battle with billions of dollars at stake for the state government and companies covered by the program.
Launched in 2012, the program serves as a key part of the state’s multibillion-dollar effort to curb carbon emissions and covers major emitters in industries such as oil refining, electricity generation, and cement manufacturing.
Prices tied to emissions under the market-based system have decreased, spurring calls from environmentalists and Gov. Gavin Newsom (D) to extend the program’s life earlier, potentially boosting prices ...