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In Absence of Global Action, Regional Partnerships Pursue Cap-and-Trade
In late July, California Air Resources Board Chairwoman Mary Nichols and Australian Clean Energy Regulator Chair Chloe Monroe signed a Memorandum of Understanding on behalf of their respective countries and agencies, promising to share information about improving carbon market integrity and investing in clean technology. In a speech given at the signing, reprinted in The Planning Report, Chairwoman Nichols details the principals of California’s cap-and-trade program, noting that the state’s previous emissions regulations not only reduced pollution despite a tripling population, but also grew its clean technology sector to the largest in the nation.
Though California and Australia may not be ready to link their carbon markets, Nichols affirms they can partner to share knowledge, experience, and the challenges of cap-and-trade, while encouraging other regions to adopt similarly impactful policies towards climate change. California will proceed with linking its carbon market to that of the Canadian Province of Québec, expected sometime next year.