California air regulators update a key climate program, sparking pushback from environmentalists

California air regulators update a key climate program, sparking pushback from environmentalists

California granted $3.5B in free carbon allowances to manufacturers and refiners under its revised cap-and-trade program, a move that will likely halve annual climate fund revenues. Affordability is now visibly overriding decarbonization targets in state regulation — companies should update their California ESG compliance and energy cost models accordingly.