By RORY CARROLL | REUTERS
Published: May 1, 2011
California is putting its reputation as a pioneering environmental heavyweight on the line as it prepares to establish a carbon market in eight months.
State regulators are battling the clock, the courts and their own empty pockets as they prepare to oversee the start of the multibillion-dollar market Jan. 1.
The idea of capping greenhouse gas emissions and providing cleaner companies with the potential for profit from their success is not new, but it has never been tried in the United States on this scale.
“This is by far the most ambitious program to reduce greenhouse gas emissions in North America, and by some measures the world,” said Franz Litz, a senior fellow at the World Resources Institute.
California regulators are convinced that they have the data and intelligence necessary to improve upon the system running in the European Union, which has shown results but has also experienced theft and fraud.
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