Vitol SA, the world’s largest closely held oil trader, was one of four companies that submitted emissions-reducing projects to California regulators this past month to qualify for early-offsets credits.
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.
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.
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.
California plans to sell the first carbon allowances in November, undeterred by warnings from a federal energy commissioner that a system meant to curb emissions may harm businesses, the state air board’s head said.
California may consider issuing more free carbon permits to oil refiners after the first auction of allowances in November, Mary Nichols, the state air chief, said at a conference today in San Francisco.
The construction of a high-speed rail line connecting California’s biggest cities would be a “legitimate” use of some revenue generated from the state’s auctions of carbon allowances, the state’s air chief said.
California, which is seeking to build a regional carbon market for the U.S. West and parts of Canada, may start its cap-and-trade program next year even if other jurisdictions aren’t ready, a state official said.
California, the world’s ninth- largest economy, has Edison International to thank for selling all of its carbon permits in the state’s first auction. The company unintentionally bid for twice as many allowances as were for sale.
Energy Secretary Steven Chu, whose mandate includes getting more fuel-efficient cars on U.S. roads, is disregarding advisers in his own department and seeking to cut almost half the federal funding for hydrogen-powered autos.