Morning Plenary: The Role of Carrots and Sticks - State Public Policy as a Driver of Markets

Robert Hertzberg, California Assembly Speaker Emeritus; Mayer Brown LLP
Mary Nichols, Chairman, California Air Resources Board
Catherine Reheis-Boyd, President, Western States Petroleum Association
Daniel Breton: Parliamentary Assistant to the Premier for Transport Electrification, National Assembly of Québec
California's Air Resources Board newly released update of its Scoping Plan relies on a carrot and stick approach to leverage existing  and new funds to further drive greenhouse-gas emission reductions through strategic planning and targeted low-carbon investments. The post-2020 Update's focus is on:  transportation, fuels, and infrastructure; energy generation, transmission, and efficiency;  waste, and water. WSPA and other like petroleum industry representatives believe the California cap-and-trade program as currently designed creates severe competitive disadvantages for some businesses, including refiners. The Canadian Provence of Québec, by adopting an ambitious greenhouse-gas emission reduction target for 2020 and implementing a greenhouse-gas emission cap-and-trade  system, like California, intends to pursue its long-term commitment to combat climate change and allow for the sustainable development of the Québec economy, thus ensuring that our children enjoy a greener future. Are public policies driving the markets as designed and with results that are publicly supported?


The Role of Carrots and Sticks