Science News

California’s Cap-and-Trade Program Generates Severely Reduced Revenue

The Phillips 66 refinery in Rodeo. (Craig Miller/KQED)


With demand for fossil fuels down across the state, California’s latest quarterly cap-and-trade auction generated very little money for the state to spend on key environmental programs.  The auction results are another sign that industrial activity in California has been severely weakened by the statewide shelter-in-place order meant to slow the spread of the coronavirus that causes COVID-19.