Recent reports on California’s cap-and-trade program could mislead observers to conclude the system is “collapsing” and undergoing a “meltdown.” But hyperbole isn’t reality, and quite the contrary, the state’s climate policy is succeeding — California is just 3 percent above its 2020 goal of reducing emissions to 1990 levels as required by AB 32. Meeting California’s 2020 greenhouse gas emissions goal is turning out to be easier and cheaper than expected.
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