Covering California’s cap-and-trade program and Near Zero’s report, California’s climate emissions are falling, but cap-and-trade is not the cause, Argus Media spoke with Near Zero’s Danny Cullenward:

Carbon pricing played little to no role in a 5pc drop in GHG emissions in 2016, energy and climate policy think tank Near Zero says in a new analysis. Instead, the state’s renewable energy mandate, a wet winter that increased hydropower and other factors drove the reduction.

“The basic philosophy of state climate policy has been to rely on those non-market measures as the primary drivers, so it is not a great surprise that you are not seeing a major impact from cap and trade in the short-term,” report co-author and Near Zero research associate Danny Cullenward said.

Read the full article, “California market did not drive carbon cuts: Report,” on the Argus Media website.