Opinion | California's Cap-and-Trade System Proves Limits of Market-Based Climate Action

recently that the mechanism is working and that California is on track to meet the 2030 emissions target.

Yet, experts and many environmentalists remain unconvinced that California's cap-and-trade program is a sufficient enough mechanism to deal with the growing threats of climate change and global warming. In fact, a few years ago, even Governor Newsom openly stated that heCalifornia's cap-and trade program is one of the largest in the world, following the cap-and-trade models of China and the European Union.

A cap-and-trade system is an approach that relies on market forces to reduce emissions at the lowest cost. But as a market-based mechanism, it has severe limitations. First, it isto powerful political forces, which is why the oil and gas industry prefers a cap-and-trade system over a well-designed regulation regime on its products. Second, cap-and-trade systems permit carbon offsets, which end up overstating emissions reductions.

The study already mentioned by PERI researchers, titled"A Program for Economics Recovery and Clean Energy Transition in California," is a thorough plan for the building of a clean energy infrastructure in California which will secure 100 percent reductions in carbon emissions by 2045, while generating about 1 million net new jobs across the state. It is the sort of bold and aggressive plan that not only California but every state in the US needs in the age of global warming.

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