I’m studying for my Environmental Science class and need an explanation.
California uses cap and trade as part of its strategy to reduce carbon emissions under bills AB 32 and SB 32. In this paper, please take a look at the system and explain its major characteristics: to which emitters does it apply; were initial permits given away or sold; what’s done with the money, are offsets allowed? Then, evaluate and criticize: is it reducing emissions as anticipated (for instance, take a look at the current prices of permits; are they high enough)? When the system was established, environmental justice advocates across the state argued that it would perpetuate injustice: that poor communities and communities of color would bear the brunt of pollution, as they have in the past—and that cap and trade might make it worse. Why? How was the system modified to attempt to address these issues? Did it help?
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