"California Set to Adopt Sweeping Cap-and-Trade Rules"

[WhiskeyGirl]

The Air Resources Board was expected to pass this key piece of the California's 2006 climate law, called AB32, at its meetings Thursday or Friday, with the hope that other states and nations will follow the lead of the world's eighth largest economy.

"AB32 was passed primarily to fill the vacuum created by the failure of Congress to pass any kind of climate or energy legislation for many years now," said Mary Nichols, the air board's chairwoman. "The goal was to lead by example, and being a leader you have to bring others along with you."

Ninety percent of the allowances would be free in the first years of the program to give industry time to upgrade to cleaner equipment or account for increased future costs.

(Give industry time to move elsewhere in the US or offshore operations)

Nichols said other states, the European Union, and Chinese and Canadian provinces are all in various stages of discussions with California to link their carbon markets.

Who profits from these markets?

read more here - http://www.cnsnews.com/news/article/california-set-adopt-sweeping-cap-and-tr