APEN

Highlights for folks struggling w/ paywall: For nearly a decade, California @AirResources has relied on a #capandtrade system to reduce carbon emissions that contribute to climate change. It regulates nearly 450 entities accounting for 85% of emissions.

Instead of requiring emissions reductions, polluters pay for tradable allowances per ton of carbon they emit under a declining cap. If total emissions approach the cap, allowance prices rise to prevent the cap from being topped. At least that's the theory.

#Capandtrade began with too many allowances, and millions were given away. Since allowances can be banked, a glut of them remains unused. By the end of 2018, big polluters had enough to meet the total emissions reductions required this decade.

#capandtrade lets polluters to buy offsets - like paying for or farms - to ‘balance’ the impact of their emissions. The majority of offsets in @AirResources’ program do not represent true emissions reductions. Yet polluters can use them to meet half of their emissions cuts.

The dirty secret about #capandtrade is it enables polluters to paper over their contributions to climate change with accounting gimmicks. Emissions from California’s oil and gas industry rose 3.5% since it began, concentrating more pollution in working class communities of color.

In California and at #COP26, the stakes are too high to double down on a failed policy. We need a new @AirResources framework that generates real results by holding polluters accountable for direct, measurable emission reductions at the source.

We're making moves in the right direction: @CAgovernor @GavinNewsom recently proposed a ban on new oil and gas operations within 3,200 feet of homes, schools and hospitals.

.@CBEcal led a fight to win a new #BAAQMD rule that requires oil refineries to install technology that will cut emissions by over 70% and improve the health of surrounding communities.