Oregon and Washing joining California
In a move that may expand the scope of the California carbon market, Oregon, Washington, and British Columbia announced plans to coordinate their policies regarding climate change.
Governors from each state agreed that by teaming up, each individual state would be able to make a larger impact to address concerns over emissions and clean energy development.
California set a target to reduce state-wide emissions by 20% below 1990 levels by 2020.
To help achieve this target, California launched their own economy-wide carbon market this year, which requires large businesses to account for their annual emissions.
So far California has held four carbon auctions, generating over $1 billion in revenue.
Another Canadian province will officially link with the California carbon market next year, holding a joint auction in February.
With the addition of these new US and Canadian states, an expansive regional market could develop in North America.