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California weighs giving away more CO2 permits

Wed, 08/01/2012 - 1:25am
Reuters

SAN FRANCISCO Aug 1 (Reuters Point Carbon) - In an effort to dissuade companies in key industries facing new carbon costs from leaving the state, California is considering giving them millions of dollars worth of additional free greenhouse gas allowances, state's air regulator said on Monday.

California's cap-and-trade program seeks to emulate tactics used in the European Union and Australia to address emission "leakage" - a term describing the exodus of employers from a state or country in order to sidestep environmental costs.

The California Air Resources Board (ARB), the regulator of the forthcoming program, held a workshop in Sacramento on Monday where it discussed plans to give away more free permits to prevent leakage in "trade-exposed" industries like cement production, oil refining and food processing.

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