A coalition of more than 40 retail, oil and gas, clean energy, and other businesses is imploring California legislators to act as soon as possible to extend one of the state’s key climate programs.
Businesses including oil companies Shell and Phillips 66 and utilities Pacific Gas and Electric and Southern California Gas Wednesday pressed state Senate and Assembly leaders in a letter Wednesday to extend the state’s carbon cap-and-trade market before their Sept. 12 adjournment for the year.
The law authorizing the market expires in 2030. Legislative leaders and Gov. Gavin Newsom (D) have said they want to act before Sept. 12 to renew the program through 2045.
“If it’s not extended this year, then investors will lose faith that the leaders are serious about using cap-and-trade to hit California’s targets” for cutting greenhouse gas emissions, said Lenny Hochschild, founding partner of Environmental Commodity Partners investment firm, which signed the statement.
