In the News: “California has lost up to $3B in cap-and-trade revenue over past year: Report” - The Hill

Clean and Prosperous California Executive Director tells The Hill about our latest report on foregone auction revenue in California’s Cap-and-Trade Program, noting “These funds would have otherwise been directly invested into communities and used to lower utility bills for ratepayers.” The article highlights key findings of our report, including that:

• Without legislative and regulatory action, “California could continue losing between $600 million and $1 billion in revenue from each quarterly cap-and-trade auction — as likely occurred at the last event in May, the report concluded.”

• The current low allowance prices may “jeopardize California’s ability to achieve its ambitious climate targets.”

• “To revive revenues and reinforce California’s ability to maintain its climate targets, the authors suggested a ‘swift legislative extension’ of the cap-and-trade program. The subsequent rulemaking, they continued, would ideally include permit supply cuts, which in turn would help the Golden State achieve its and 2045 carbon neutrality goals.”

Read the full article here.