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California, the world’s ninth- largest economy, adopted rules to link carbon markets with the Canadian province of Quebec, a move that will allow companies to trade emissions allowances across the border.
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Chevron Corp. helped write the first-in-the-nation rule ordering reduced carbon emissions from cars and trucks. Its biofuels chief spoke at the ceremony where California Governor Arnold Schwarzenegger signed the executive order in 2007, the same year the oil company pledged to develop a gasoline replacement from wood.
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Automakers are undermining the progress they’re making in expanding the market for electric cars and other zero-emission vehicles by petitioning against California’s mandates, a state regulator said today.
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California was sued by the state’s Chamber of Commerce, which seeks to bar the auction of carbon allowances, a key element of the state’s cap-and-trade program aimed at reducing greenhouse gas pollution.
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Gasoline closing in on a record $5 a gallon prompted Governor Jerry Brown to direct California regulators to relax smog controls so oil refineries could increase supplies of cheaper fuel.
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California carbon allowances will sell for $14.06 each next year, down 2.7 percent from previous forecasts, Bloomberg New Energy Finance said after permits cleared in an auction near the lowest allowable price.
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California carbon futures rose to the highest price in almost two months after Quebec approved changes to allow links between their cap-and-trade systems.
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California’s low-carbon fuel standard was blocked by a federal judge who found that it discriminates against out-of-state corn ethanol and crude oil and violates the Commerce Clause of the U.S. Constitution.
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The California Air Resources Board will appeal a court ruling that suspends work on a cap-and-trade program to cut greenhouse gases, the agency said.
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The premium for California-blend gasoline, or Carbob, fell by more than half after Governor Jerry Brown directed state regulators to let refineries make winter- blend fuel.
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