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newsrel -- Air Resources Board amends cap and trade program, enhances market security

Posted: 28 Jun 2012 16:34:10
Changes further strengthen market security; linkage with Quebec
program to be considered at a future meeting. SACRAMENTO - The
California Air Resources Board today approved amendments to the
state’s cap and trade program to enhance efficiency and further
increase market security.

The main changes clarify the required information and procedures
involved in registering for the program. The changes add
additional elements to ensure the identity of market
participants, providing an increased measure of security to the
program. Other amendments will help prevent theft of allowances,
and provide more detail about how the auction and reserve sale
will operate.

The Air Resources Board also directed staff to take the necessary
steps specified in the budget trailer bill legislation adopted
yesterday to enable California to link its cap and trade program
with Quebec’s.
The trailer bill requires findings by the Governor regarding the
stringency of Quebec’s program. 

“We are satisfied that Quebec’s cap and trade program is as
stringent as California’s, and we will continue to work toward
linkage with all deliberate speed, making sure we fulfill all the
conditions of the language in the trailer bill,” said Air
Resources Board Chairman, Mary D. Nichols.

Taking this additional step will not affect the timing of
California’s program roll out, with the first California cap and
trade auction taking place on November 14, 2012. 

The first year of the program -- when companies will be held
responsible for their greenhouse gas emissions -- will likewise
remain unaffected and begin on January 1, 2013. Quebec’s program
will also begin at the first of the year.  In the meantime, both
California and Quebec will continue to work together to link
their programs as expeditiously as possible.

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