After signing legislation last month to cap greenhouse gas emissions in California, Gov. Arnold Schwarzenegger announced Monday in New York that his administration will work with at least eight Eastern states to enable businesses to trade pollution credits thousands of miles away, the Sacramento Bee reports.
The Republican governor emphasized last month that a "cap-and-trade" method was crucial to legislation he signed to reduce greenhouse gas emissions an estimated 25 percent by 2020. Under the new state law, the California Air Resources Board will develop market-based procedures that likely will enable companies to purchase credits from emissions-reducing businesses if they cannot cut pollution themselves at prescribed levels.
Schwarzenegger appeared Monday with two prominent New York moderate Republicans who visited the governor last month in California. Schwarzenegger stopped by a greenhouse gas emissions trading desk at banking firm Credit Suisse with New York City Mayor Michael Bloomberg before appearing with New York Gov. George Pataki at an environmentally friendly residential building.
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