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

  • 📰 commondreams
  • ⏱ Reading Time:
  • 69 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 31%
  • Publisher: 51%

Singapore News News

Singapore Singapore Latest News,Singapore Singapore Headlines

'While progress has been made in the state's efforts to reduce greenhouse gas emissions, its market-based environmental approach has major shortcomings.'

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 530. in SG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Crypto prediction market platform Polymarket settles with CFTC for $1.4 millionPolymarket, a blockchain-based prediction market platform, has settled with the US Commodity Futures Trading Commission. In an announcement Monday, the
Source: TheBlock__ - 🏆 464. / 53 Read more »

Wall St gains on first trading day of 2022; Apple hits $3 trln market capU.S. stocks closed higher on Monday, with Apple Inc hitting a $3 trillion market capitalization and Tesla Inc posting bumper delivery numbers, giving investors cheer on the year's first trading day.
Source: Reuters - 🏆 2. / 97 Read more »

Apple Becomes First U.S. Company to Reach $3 Trillion Market CapApple’s cash flow also makes the stock a safe haven during times of market uncertainty. Good job apple, you won capitalism. Mostly due to iPhone sales? Remember Apple, what good is it if China is holding your keys.
Source: NBCDFW - 🏆 288. / 63 Read more »

CFTC Fines 'Decentralized' Prediction Market Platform Polymarket $1.4 Million, Shuts Down Noncompliant Markets – Regulation Bitcoin NewsThe U.S. Commodity Futures Trading Commission (CFTC) has ordered a 'decentralized' prediction market platform to shut down non-compliant markets and pay a fine of $1.4 million. 🚨🚨🚨🚨🚨🚨🚨🚨🚨 Kadena is ready for a real pump (Kadena is going for $ 1000 in 2022) will soon be listed in Bainance and coinbase Exchange...Are you ready for an explosive pump ! KDA 🚀🚀🚀💯 Flux🚀🚀💯 $KDA 💎💎 $FLUX 💎 web3 NFT Coinbase Binance btc elonmusk goodfreephotos Shibindia
Source: BTCTN - 🏆 531. / 51 Read more »

Airlines surge and stay-at-home stocks slump in European actionWizz Air led an airline rally, surging as the Central European-focused airline nearly quadrupled passenger traffic in December compared to year-ago levels. great name.
Source: MarketWatch - 🏆 3. / 97 Read more »