“To the extent that not all the permits are being sold, that is a success of the program,” he said. At this point, cap and trade “does not have enough legislative constituencies to continue,” said Assemblyman Sebastian Ridley-Thomas (D-Los Angeles). Unless the state acts, “the whole system could fail,” said Senate leader Kevin de León (D-Los Angeles). The law set goals for reducing greenhouse gas emissions to 1990 levels by 2020. Two years ago, as the governor struggled to get construction rolling, he turned to cap and trade to plug a shortfall in funding.

Source: Los Angeles Times June 14, 2016 07:00 UTC