Near Zero’s Danny Cullenward was quoted in an MIT Technology Review article about SB 775, the newly unveiled climate bill that would overhaul California’s cap-and-trade system for greenhouse gas emissions allowances and extend it to 2030.
SB 775 would establish a range of prices on emissions that would rise much more rapidly than the current system, which will expire in 2020. The prices in SB 775 could reach some of the highest rates in the world, giving a stronger incentive for companies and consumers to cut their emissions.
As the article said:
Because it raises revenue, passage of the new measure will require two-thirds majority approval in both branches of California’s legislature. But supporters believe it could pass, as Democrats currently enjoy a slim supermajority in the State Assembly and Senate. In addition, the price ceiling and market mechanisms may help bring along some moderate Republicans, while the direct rebates to consumers could prove popular among voters.
“That’s the key to deep decarbonization: making carbon pricing work for everyone,” wrote Danny Cullenward, a Stanford lecturer and energy economist who acted as an adviser to Senate leaders on the legislation, in an email interview.
Read the full article, “California Proposes Ambitious New Cap-and-Trade Program” by James Temple, on the MIT Technology Review website.