Governor Edmund G. Brown Jr. today will sign AB 398 (E. Garcia; D-Coachella), which will extend the cap-and-trade program, providing the least costly path to achieving the state’s ambitious climate goals.
Governor Brown will be joined this morning for the signing ceremony on Treasure Island by former Governor Arnold Schwarzenegger, Senate President pro Tempore Kevin de León (D-Los Angeles), Assemblymember Eduardo Garcia and dozens of local, environmental and business leaders.
CalChamber and the business community supported AB 398 because it will make cap-and-trade the primary tool to meet the state’s goal of reducing carbon emissions by 40% below 1990 levels by 2030. AB 398 also includes cost containment measures that will help mitigate some of the impacts on consumers and the economy, including a price ceiling, audited offsets that reduce costs and spur innovation, industry assistance to mitigate loss of jobs and emissions to other states, and reduced direct command-and-control measures by state and local regulators.
Earlier this month, the Senate approved AB 398, 28-12, followed by Assembly approval by a 55-21 margin.
