California climate regulators pushed back their timeline Wednesday for when they expect to begin amending their signature emissions-trading program.
What happened: The California Air Resources Board updated its website Wednesday to say that it expects to start the process of amending the program “this year,” rather than in “early 2025” as it previously said. The agency also said it was working with lawmakers, who are holding discussions around bills to extend the market’s authorization past 2030.
“We’re still working through the regulatory package and expect to move forward this year,” the site says. “At the same time, the administration is working with the legislature as they consider extension of the Cap-and-Trade Program.”
Why it matters: The program is the cornerstone of California’s climate regulations, serving as a backstop to ensure that the state meets its emissions target of 40 percent below 1990 levels by 2030. It generates some $4 billion per year in state revenue through the sale of emissions permits.
