California last week released plans for its own cap-and-trade system for greenhouse gas emissions.
The cap-and-trade program is expected to go into effect in 2012 in an effort to reduce emissions from major industries 15% by 2020.
A landmark California law passed in 2006 requires the state to return its emissions to 1990 levels by 2020. The cap-and-trade program is the market-based system supported by Governor Arnold Schwarzenegger for achieving the emissions cuts.
Estimates suggest the system could produce $2 billion to $4 billion a year in revenue for the state.
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