Climate Central quotes me in a new piece on the August auction results and the California Assembly's vote on SB 32:
The auction results showed two-thirds of pollution allowances offered for sale last week went unsold. That was nonetheless an improvement over the result of an auction held in May, when the vast majority went unsold.
“It shows us that we’re in a period of serious concern about the future of California’s climate policy,” said Danny Cullenward, an energy economist and lawyer who researches climate policies at the Carnegie Institution for Science. “It’s bad news.”
Although today's auction results are indeed bad news for the carbon market as well as the state's greenhouse gas reduction fund, the Assembly's decision to pass SB 32 is a huge win for climate policy. Congratulations to all who worked on SB 32.