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In 2006, the Legislature passed and Governor Schwarzenegger signed AB 32, the Global Warming Solutions Act of 2006, which set the 2020 greenhouse gas emissions reduction goal into law. It directed the California Air Resources Board (ARB or Board) to begin developing discrete early actions to reduce greenhouse gases while also preparing a scoping plan to identify how best to reach the 2020 limit. The reduction measures to meet the 2020 target are to be adopted by the start of 2011.
AB32 arguably represents the most forward-looking GHG compliance market in the United States. Coupled with the fact that CA has the world's eighth largest economy, this legislation will have a dramatic impact on nearly every economic sector. As such, many stake-holders in the oil, gas, industrial, generation, and transportation sectors of CA are currently considering hedging strategies including the purchase of carbon offsets under the Climate Action Reserve.
With over a collective 15 years of experience in the CA emissions markets, Amerex is well positioned to provide a detailed perspective on potential compliance strategies, as well as implementing solutions to mitigate long term risk for our CA-based clients.