This is a big deal that, because it’s not concrete and is instead a process that’s starting*, isn’t getting nearly the attention it deserves. As with school textbooks and car fuel efficiency standards, when California sets a regulation, the rest of the country must adapt. Larger industries can, more or less, ignore smaller states like, to choose one, Vermont, but very few industries can ignore California. That, in turn, makes it easier for other states to pass their own cap-and-trade rules because, again, if Vermont did this, affected industries could simply shift resources to New Hampshire.
Oh, and there’s that little thing about enshrining further state influence over how much pollution companies may produce.
*And because of East Coast Dismissiveness, best exemplified by SNL’s “Californians” sketch. California is the single most important state in the Union. Deal with it.
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