CO2 China Comparison Shows Shortcomings of California’s Cap-and-Trade Program

Published on May 13, 2024

Commentary Gov. Gavin Newsom’s office boasted May 8, “California’s Cap-and-Trade Program Funds $28 Billion in Climate Investments Over Last Decade … supporting 30,000 jobs and cutting millions of tons of carbon emissions.” It linked to the “2024 Annual Report on Cap-and-Trade Auction Proceeds” of the Greenhouse Gas Reduction Fund. Investopedia explains, “Cap-and-trade energy programs are intended to gradually reduce pollution by giving companies an incentive to invest in clean alternatives. The government issues a set amount of permits to companies that comprise a cap on allowed carbon dioxide emissions.” But here’s the key number from the 2024 report: “Projects implemented in 2023 are expected to reduce 14.7 million metric tons of carbon dioxide equivalent over project lifetimes.” Note that’s “million,” with an “m.” And “over project lifetimes,” not just for one year....

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