California Lawmakers Unveil Cap-and-Trade Plan Extension to 2045

California’s cap-and-trade greenhouse gas emissions reduction program would continue to 2045 with some modifications backed by environmentalists under legislation state lawmakers introduced Wednesday.

Top Democrats unveiled the measure (AB 1207) just days before they are set to adjourn for the year. Gov. Gavin Newsom (D) and environmental groups want to reauthorize the program — which doesn’t expire until 2030 — arguing that an extension now would provide more certainty for businesses covered by the program and shore up the billions in revenue it generates.

Newsom supported a straight extension without major changes, while some lawmakers have backed a ...