The Assembly passed hotly contested legislation Tuesday to regulate and restrict how money generated by California's new "cap-and-trade" program of marketing carbon emissions can be spent.
Assembly Speaker John A. Pérez carried the measure, Assembly Bill 1532, which passed by a vote of 47-26. The bill marks a major step toward implementing cap and trade, which places a limit on various pollution generators but allows that cap to be exceeded through the purchase of credits from businesses that fall below their cap.
AB 1532 would authorize funds generated by the auction of cap-and-trade credits to be spent on projects promoting clean energy, low-carbon transportation, natural resource protection, and for research, development and deployment of innovative technologies to promote cleaner air. Read the full story at sacbee.com.
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