California's own legislation to cap emission sand set up a market for carbon

Tag : carbon
California plans to host a meeting ofseveral countries in November to discuss ways to limit greenhousegas emissions, Gov. Arnold Schwarzenegger said Friday.
The governor's office has invited China, India, European countries,Australia, Canada and Mexico to a meeting ahead of internationalclimate talks the following month in Poland. Details still arebeing worked out.
Schwarzenegger aims to reach out to certain Chinese states, forexample, on emissions limits because the federal government there,as in the United States, was not acting fast enough.
"We know that Washington is asleep at the wheel. We cannot look forleadership there," he told San Francisco's Commonwealth Club tomark two years since California's own legislation to cap emission sand set up a market for carbon credits. "We are not waiting for thefederal government."
On Thursday, 10 Northeastern states kicked off the first U.S.cap-and-trade market under the Regional Greenhouse Gas Initiative(RGGI). Schwarzenegger hoped more would join the separate WesternClimate Initiative (WCI), but worried about a patchwork of rulesand wanted to see a global market develop.
The WCI, including California, six other states and four provincesin Canada, aims to cut greenhouse gas emissions by 15 percent from2005 levels by 2020, while the RGGI will lower its emissions cap 10percent from current levels by 2019.
Separately, Schwarzenegger reiterated his opposition to drillingoff the coast of California, just days after the federal governmentpassed legislation that will allow a national ban on offshoredrilling to expire next week. (Reporting by Braden Reddall; Editingby David Gregorio) Copyright 2008 Reuters, Click for Restriction
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