California releases global warming plan

By SAMANTHA YOUNG

Continued from previous post...Some businesses have criticized the board for its September economic analysis that found California's economy would grow under its global warming plan. A business coalition known as the AB32 Implementation Group estimates the proposed regulations would spike electricity rates by 11 percent and natural gas rates by 9 percent.

They also say requiring companies to initially buy their way into a carbon trading market would amount to a tax on struggling businesses.

"The last thing California companies need in this challenging economic climate is billions in more taxes," Amisha Patel, a policy advocate at the California Chamber of Commerce, said in a statement. "California is already one of the highest tax states in the country."

Regulators are proposing to cut carbon emissions by nearly 30 percent of the projected emissions by 2020. That's about a 15 percent cut from today's levels.

In addition to a cap-and-trade market, regulators in June proposed strategies that would require oil and gas refineries to produce less-polluting fuels, utilities to generate a third of their electricity from renewable sources like wind and solar by 2020 and auto manufacturers to build cleaner-burning cars.

Local governments also will be asked to build residential developments near public transportation, shops and businesses in an effort to reduce the number of miles Californians drive.

Source