Saved pollution credits may hinder California climate goals

SACRAMENTO, Calif. (AP) — Oil refineries and other greenhouse gas-emitting companies that participate in one of California’s core climate change-fighting programs have accumulated so many credits allowing them to pollute that it could jeopardize the state meeting its emissions goals. That’s according to a report by the Independent Emissions Market Advisory Committee, a panel of experts tasked with reviewing the cap-and-trade program. The state makes fewer credits available over time with the goal of lowering emissions. But the companies already have saved 321 million credits. Those credits far exceed the emission cuts cap and trade is supposed to achieve by 2030. State officials say they have tools to ensure climate goals are met.