SACRAMENTO, California — California air regulators voted Friday to approve substantial changes to its cap-and-invest program meant partly to ease costs for the oil industry.
The move drew opposition from environmental groups, warning it could put the state’s climate goals out of reach and tank climate spending.
What happened: The California Air Resources Board voted 10 to 3 to extend California’s cap-and-invest program through 2045 and approved significant changes to how the carbon market works.
The program, which requires major polluters to buy permits for their greenhouse gas emissions with the number of permits shrinking over time, has been a central piece of California’s climate strategy since 2013. It’s helped to cut emissions while raising billions of dollars for climate programs, including high-speed rail, safe drinking water and affordable housing.
