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28 September 2006 -- In ceremonies yesterday, Gov. Schwarzenegger signed AB 32, also called the California Global Warming Solutions Act of 2006. The California bill calls for regulatory and market mechanisms to reduce greenhouse gases to 1990 levels.
Schwarzenegger is running for re-election this year and his environmental policies have created support from California conservationists for some of his programs.
"Some have challenged whether AB 32 is good for businesses. I say unquestionably it is good for businesses. Not only large, well-established businesses, but small businesses that will harness their entrepreneurial spirit to help us achieve our climate goals, Schwarzenegger said during ceremonies in Los Angeles and San Francisco.
"Using market-based incentives, we will reduce carbon emissions to 1990 levels by the year 2020. That's a 25 percent reduction. And by 2050, we will reduce emissions to 80 percent below 1990 levels. We simply must do everything in our power to slow down global warming before it's too late."
AB 32 requires the California Air Resources Board (CARB) to develop regulations and market mechanisms that will ultimately reduce California's greenhouse gas emissions by 25 percent by 2020. Mandatory caps will begin in 2012 for significant sources and ratchet down to meet the 2020 goals.
In the interim, CARB will begin to measure the greenhouse gas emissions of the industries it determines as significant sources of greenhouse gas emissions. The bill also provides the Governor the ability to invoke a safety valve and suspend the emissions caps for up to one year in the case of an emergency or significant economic harm.
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