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25 March 2011 | “All of this has happened before…” “…and it will all happen again,” said a Peter Pan wise beyond his I’ll-never-grow-up years. The carbon markets are similarly experiencing what is sure to be an eternal return to uncertainty, as buyers and sellers brace for the worst and hope for the best in California and abroad.
California regulators are no strangers to political and legal challenges to their environmental efforts – perhaps why they’re taking on the chin this week’s Superior Court request to revisit their environmental analysis.
The state’s Air Resources Board is reportedly working with the plaintiffs to moderate the scope and impact of the court’s decision. Says Jon Costantino, who helped craft the California program, “If they can quickly get this analysis out in front of the public and back to the judge, they can get back online.”
If not, the Board could find itself back at square one if it can’t finalize its 2010 rule in October of this year. In the Board’s favor, ARB Chairman Mary Nichols isn’t going to give up without a fight, saying that overcoming the present challenges – both to California and EPA regulations – is “not just a matter of not giving up hope, but not giving up working.”
The determination in this triple negative might prove necessary to overcome wilting sentiments about climate change in the US (and the UK, too) where a growing proportion of poll respondents voice suspicions about climate science, carbon neutral claims and the impact of anthropogenic emissions.
But for every to there is a fro, bad news and good. Like the Walt Disney Company’s US$15 million offset investments in 2010 (in honor of which this issue is unabashedly riddled with Disney references) and New Mexico’s failure to roll back GHG rules in its recently concluded session.
Or the most recent auction results from the US Regional Greenhouse Gas Initiative (RGGI), which auctioned all of its current control period CO2 allowances, returning $83 million to participating states. Or the most local of local efforts to offset community emissions in Australia in the face of national policy turmoil.
Keep reading for more on this and other news in this issue, which is brought to you free of charge thanks to our latest news brief sponsor Evolution Markets.
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