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arbcombo -- Release of California Cap-and-Trade Regulatory Amendments
Posted: 01 Jul 2016 15:08:10
California Air Resources Board (ARB or Board) staff has been developing a proposal to amend the California Cap on Greenhouse Gas Emissions and Market Based Compliance Mechanisms (Cap-and-Trade Regulation or Program) to extend the Program beyond 2020, broaden the Program through linkages with other jurisdictions, comply with the federal Clean Power Plan, and generally enhance ARB’s ability to oversee and implement the Regulation. These amendments will be first considered at a Board hearing in September 2016 and voted on at a second Board hearing in Spring 2017. Staff's proposal will include amendments for the following main topics: -Establish new emissions caps beyond 2020 and continue all other provisions needed to implement the Program after 2020; -Establish new linkages; -Revise the requirements for unsold allowances and vintages available in the Current Auction; -Prevent emissions leakage in the most cost-effective manner through appropriate allowance allocation; -Continue the allocation of allowances to the utilities on behalf of rate-payers; -Provide for California compliance with the federal Clean Power Plan; and -Simplify participation in the Program by streamlining registration, auction participation, information management, and issuance of offset credits. To commence the formal rulemaking process pursuant to the Administrative Procedure Act, ARB will provide a draft of the formal regulatory package, including the Staff Report: Initial Statement of Reasons (ISOR), and the Proposed Regulation Order, to the Office of Administrative Law (OAL) on July 12, 2016. This submittal initiates a review by OAL prior to opening the formal comment period. Based on OAL’s review, ARB may revise the draft documents and will post final versions of all documents related to the rulemaking (including the notice of proposed action, ISOR, Proposed Regulation Order, and other Appendices) to ARB’s Cap-and-Trade Rulemaking webpage on July 26, 2016. ARB will also make a rulemaking file for the proposed amendments available to the public on this date. The formal public comment period will begin when OAL publishes ARB’s notice of proposed action on July 29, 2016. This rulemaking proposal will include provisions that may impact the market for the Program’s compliance instruments. To ensure that all market participants and other interested stakeholders have access to the content of this regulatory proposal at the same time, ARB will also post the draft Proposed Regulation Order and draft ISOR (without Appendices) to the What's New box on the Cap-and-Trade webpage at 5:00 pm on July 12, 2016. See here: http://www.arb.ca.gov/cc/capandtrade/capandtrade.htm Please note: The posting by ARB on July 12, 2016 is intended to provide simultaneous access to staff’s proposal as it is submitted to OAL. This posting will not initiate the formal public comment period. The official version that will be open for public comment and Board consideration will be the final version posted on July 26, 2016 following OAL review. The official version may include modifications from the initial draft posted by ARB on July 12, 2016. ARB will send out a listserv when the formal rulemaking documents are posted on July 26, 2016 and before the public comment period begins on July 29, 2016. Background Cap-and-Trade Regulation ARB first formally adopted the Cap-and-Trade Regulation in October 2011. The Board has subsequently approved limited amendments to the Regulation in June 2012, October 2013, April 2014, September 2014, and most recently June 2015. ARB staff has developed proposals for 2016 amendments that seek to improve Program efficiency and chart post-2020 implementation of the Program. ARB held a number of informal public workshops from October 2015 through June 2016 on some of the proposals that will be included in this formal rulemaking. Workshop materials are available at: http://www.arb.ca.gov/cc/capandtrade/meetings/meetings.htm More information about ARB’s Cap-and-Trade Program is available at: http://www.arb.ca.gov/cc/capandtrade/capandtrade.htm. California is in a drought emergency. Visit www.SaveOurH2O.org for water conservation tips. You are receiving this single arbcombo email because you are a subscriber to or have made a public comment to one or more of the following lists: capandtrade, cc, ghg-rep, ghg-ver, offsets.