Climate 411

The new report from the Intergovernmental Panel on Climate Change makes clear what Californians already know: the climate crisis is upon us. Impacts like ever-more-extreme wildfires, intensifying drought, and the growing threat of sea-level rise are accelerating, and the widespread damage are only going to intensify unless we take bold, swift action to slash greenhouse gas emissions.

In California, no person or region will be immune, and the harms from climate change are felt first and worst by communities that historically have borne a disproportionate burden of California’s pollution: communities of people with low wealth, people of color, indigenous people, and farmworkers, among others.

California urgently needs to get on track to meet the state’s 2030 goal of reducing greenhouse gas emissions to 40% below the 1990 level by 2030; it has the slate of policies needed to succeed but must maximize near-term climate ambition. At the same time, it is essential for California to have a long-term vision and ensure that policy decisions made with an eye toward 2030 are consistent with the need to achieve net-zero emissions as swiftly as possible, and no later than 2045.

That’s why it is crucial for California to adopt the new Climate Crisis Act (AB 1395), co-authored by Assembly Members Al Muratsuchi and Cristina Garcia, to dramatically reduce our greenhouse gas emissions. This bill will cement California’s commitment to a safer pathway — a pathway that aligns with the science and achieves net-zero emissions — while also providing crucial guidelines that can maximize reductions, preserve environmental integrity and safeguard communities. Here’s why CA lawmakers should back this bill.

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The results of the latest Western Climate Initiative cap-and-trade auction were released today and all current and future allowances sold. This generates substantial revenue for California’s Greenhouse Gas Reduction Fund but could also indicate that greenhouse gas emissions are rebounding as the economy recovers from the impacts of the Covid-19 pandemic.

Auction quick takes:

• All 71,647,138 current vintage allowances offered were sold; this is the third consecutive sold out auction. There were almost 17 million more allowances offered in May as in February, largely due to the return of previously unsold allowances.
• Current vintage allowances cleared at $18.80, $1.09 above the floor price of $17.71. This is one dollar above the February 2021 settlement price of $17.80.
• All of the 8,306,250 future vintage allowances offered for sale sold, just as 100% sold in the previous two auctions. These allowances may not be used for compliance until 2024.
• Future vintage allowances sold at $19.04, $1.33 above the floor price of $17.71, and $1.03 cents above the $18.01 settlement price from February 2021.
• California raised almost $ 916 million for the Greenhouse Gas Reduction Fund, which will continue to help support essential climate programs through the California Climate Investment
• Quebec raised almost $210 million (just under $253 million CAD) to invest in their own climate priorities.

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