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California holds 2nd cap-and-trade auction

Posted: February 19, 2013 11:44 a.m.
Updated: February 19, 2013 11:44 a.m.
 

SAN FRANCISCO (AP) — California is holding its second auction of carbon permits under its cap-and-trade program meant to limit greenhouse gas emissions.

The state Air Resource Board today is auctioning about 22 million tons of carbon permits, called allowances.

The results are expected Friday, according to the Sacramento Bee.

California's cap-and-trade program sets a limit on the amount of carbon that can be released annually from the biggest industrial polluters, a cap that will decline over time.

Right now companies are receiving most of their allowances for free, but can purchase the remainder through the auction or on the open market.

If a company reduces its emissions below the cap, it can sell extra allowances.

The California Chamber of Commerce has sued to halt the program, calling it an illegal tax.

 

Copyright 2013 The Associated Press.

 

 

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