Can California’s Emissions Market Survive Past 2030?

Danny Cullenward, vice chair of California’s Independent Emissions Market Advisory Committee, explores the legal and policy challenges that threaten the future of the state’s carbon cap-and-trade market.

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For more than a decade, California’s cap-and-trade program has been a key component of the state’s broader efforts to reduce greenhouse gas emissions and achieve a net-zero carbon economy by 2045.

Yet the future of California’s cap-and-trade program is uncertain. The program is currently authorized only through 2030, and significant debate exists over whether its administrator, the California Air Resources Board, has the legal authority to extend it beyond that date.

Danny Cullenward, a senior fellow with the Kleinman Center and vice chair of California’s Independent Emissions Market Advisory Committee, explores the political and legal questions surrounding the program’s future. He also explains how uncertainty about the program’s longevity could slow investments in clean infrastructure and limit the market’s effectiveness in driving down the state’s climate emissions.

Danny Cullenward is a senior fellow with the Kleinman Center, and the vice chair of California’s Independent Emissions Market Advisory Committee.

The official transcript for this episode is available on the Kleinman Center for Energy Policy website: https://kleinmanenergy.upenn.edu/commentary/podcast/ 

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Energy Policy Now is produced by The Kleinman Center for Energy Policy at the University of Pennsylvania. For all things energy policy, visit kleinmanenergy.upenn.edu

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