California Carbon Auction: Will Geothermal Value Finally Be Recognized? (Renewable Energy World)
While public support for climate change aid is growing, U.S. negotiators once again offered no binding agreements on emissions reductions at the most recent United Nations climate talks – a stance that is becoming all too familiar to nations that see U.S. participation as crucial. Meanwhile a divided Congress has held off regulating carbon emissions, and some experts doubt that the nation will mandate protection of the climate via legislative act in the foreseeable future. Given hesitancy at the top, it was an act of leadership when California introduced Assembly Bill 32, the mandate to reduce greenhouse gas (GHG) emissions in the state to 1990 levels by 2020.
The newly implemented cap and trade system in California — one component of A.B. 32 — is a vehicle to reach that goal, and the geothermal industry is watching it closely. California’s vast and naturally low-emitting geothermal resources play a significant role in reducing the state’s overall carbon emissions. In November, companies made their first transactions in the auction-based system.
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