It has received almost no media attention in Australia, yet California, which is said to be the world's 8th largest economy, has late last week, passed the final draft of a "cap and trade" program to provide financial incentives for polluters to reduce greenhouse gas emissions.
Some parts of the plan will commence in 2012, major parts including compliance for some of the worst polluters, including power plants, commence in 2013, and others to commence in 2015. The plan will cover 85% of the emissions in California.
The broad thrust of the Californian scheme is generally similar to that proposed for Australia, with the start of the market mechanism, after a few years of the mandated carbon price, planned for mid 2012.
With California's economy being considerably larger than Australia's, this is a big step for them, and some hope the rest of the USA might follow in time.
I am amazed that this move in California continues to receive such little attention from the media and pro carbon adherents in Australia to add weight to their arguments.
More media information from the US here - http://www.nytimes.com/2011/10/21/business/energy-environment/california-adopts-cap-and-trade-system-to-limit-emissions.html
and here -
http://www.huffingtonpost.com/2011/10/20/california-cap-and-trade_n_1022314.html
There are quite a few sceptics, believing it will not work, but many think it might.
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