California Air Resources Board Approves Overhaul of Cap-and-Invest Program Amid Criticism
The California Air Resources Board (CARB) has approved a significant overhaul of the state's cap-and-invest program, a key component of its climate policy. The decision, made by a 10-3 vote, aims to aggressively curb greenhouse gas emissions and manage billions of dollars in revenue for public programs. The cap-and-invest program, initiated in 2013, requires major polluters to purchase emissions allowances, with the revenue funding various environmental and public health initiatives. The updated plan includes the removal of 118 million pollution permits by 2030 and an additional 900 million after 2030, aligning with California's target of achieving carbon neutrality by 2045. However, the update also introduces a Manufacturing Decarbonization Incentive, allowing polluters to apply for additional allowances if they invest in decarbonization projects. This aspect has drawn criticism from environmental groups, who argue it undermines the program's effectiveness in limiting emissions. 
