Quote:
Under a cap-and-trade program, the state puts an overall limit on emissions and auctions off pollution permits or “allowances” for each ton of carbon that industries plan to emit. Only the largest polluters are targeted, and the idea is that as the emissions limit becomes stricter over time, it will be in industries’ financial interest to switch to green technology. Oregon’s program would begin in 2021, and the state wants to reduce emissions to 80% below 1990 levels by 2050.
Most of the money raised — estimated to total $550 million in the first year — would be used to fund a sweeping progressive platform that encourages further emission cuts and prioritizes investments in low-income and tribal communities’ ability to respond to climate change.