In 2012, California is set to enact its ambitious climate law that aims to reduce greenhouse gas emissions to 1990 levels in only 8 years. Now, according to the New York Times, at least two Texas-based oil companies are financing a ballot initiative designed to delay that law.
The companies, Valero and Tesoro, have contributed over $500,000 to a ballot initiative that would prohibit AB-32 from taking effect until the state's unemployment rate drops to 5.5 percent; a hefty fall from the current 12.5 percent. The stall is being sponsored by the California Jobs Initiative, which has raised nearly $1 million - almost all of which has come from oil companies, according to the Times.
The stated concern is that increased restrictions on emissions will lead to job loss. AB-32, which is the first law in the nation to cap industrial emissions statewide, will penalize those who don't comply. It is expected that the requirements will be met through carbon credit market.
Already, business are scrambling - both to get in line to aquire their green creds, or else to trade in them. Entrepreneurs are looking to capitalize on carbon in venues ranging from farms to forestry. But, if AB-32 is successful and Texas is not, whatever workers remain in the new marketplace will be putting out roughly 25 percent less greenhouse gasses than they will if business continues as usual.
