On 16 November California released its 2022 Scoping Plan outlining the state’s updated climate initiatives and decarbonization targets. The updated scoping plan includes more ambitious carbon reduction targets compared to the previous 2017 Scoping Plan and shorter timeframes for reaching these targets. The new plan entails a reevaluation of WCI’s emission caps and allowances in order to successfully achieve the updated decarbonization goals. A restructuring of the carbon market design will affect both the price and quantity of allowances made available to market participants.
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