Lawmakers Announce Plan To Extend California Cap And Trade

(AP) - Gov. Jerry Brown and legislative leaders have struck a deal to extend California's cap-and-trade program through 2030, but it still needs backing from two-thirds of lawmakers.

The deal updates how pollution offsets and allowances are used, gives the state Air Resources Board power to set a price ceiling on pollution permits and prevents local air districts from placing further carbon emission regulations on refineries and other polluters.

Environmental justice groups charge the deal gives too many concessions to oil companies.

Cap-and-trade limits total greenhouse gas emissions and requires businesses to buy or trade allowances in order to pollute. It is a key piece of California's 2030 goal of a 40 percent reduction from 1990 emissions levels. The program will expire in 2020 if lawmakers don't renew it.