California Carbon Market Collaborative
The California Carbon Market Collaborative (CCMC) is an informal collaborative convened by Elevate Climate that brings together stakeholders supportive of an equitable and ambitious cap-and-trade program in California through 2045. The CCMC gathers a broad array of cap-and-trade stakeholders to deepen mutual understanding, undertake careful examination of key program design features, and discuss policy developments. Participants of the CCMC include Environmental Defense Fund, Liminality Capital LP, and Pacific Gas & Electric.
2023-2024 Comment Letters
From June 2023 to July 2024, the California Air Resources Board (CARB) held informal public workshops to present initial concepts for amending its Cap-and-Trade Program.​ The CCMC submitted a total of 6 comment letters throughout the rulemaking process to respond to specific concepts that related to ambition and equity.
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July 2024 Workshop
CCMC Comment Letter
This letter identifies opportunities to implement cap adjustments mid-year in 2025 and comments on how removing 265 million allowances consistent with the 48% by 2030 target would achieve cost-effective reductions including with the help of banking, and could lower local air pollution.
May 2024 Workshop
CCMC Comment Letter
This letter highlights a Resources for the Future finding that SRIA Scenario A leads to greater ambition and increases auction revenues relative to other scenarios, explains how changing utility allocations could impact the California Climate Credit, and comments on concepts presented at recent workshops related to offset protocols and corporate associations.
April 2024 Workshop
CCMC Comment Letter
This letter discusses why Scenario A of CARB's SRIA involving removing allowances from auction and allocation pools is more ambitious than other SRIA scenarios, discusses addressing electricity affordability through the California Climate Credit, and discusses concepts presented at recent workshops related to post-2030 caps and holding limits.
November 2023 Workshop
CCMC Comment Letter
This letter describes why UC Davis modeling commissioned by CARB supports extending cap-and-trade, describes the importance of allowance banking for early emissions reductions, and identifies opportunities to leverage the Inflation Reduction Act.
October 2023 Workshop
CCMC Comment Letter
This letter identifies opportunities to increase ambition and equity by reducing or protecting certain allowance pools and better targeting the California Climate Credit. ​The letter suggests modeling estimated allowance prices as well as an emissions containment reserve.
July 2023 Workshop
CCMC Comment Letter
This letter explains why the cap-and-trade program is uniquely positioned to achieve the state's ambitious 48% by 2030 target, discusses integrating carbon management into the program, and offers additional and alternative scenarios for CARB's Standardized Regulatory Impact Assessment (SRIA) given that the SRIA is not well suited for an economy-wide market-based policy.
Issue Summaries
The CCMC's Issue Summaries synthesize key concepts that emerged from one or more CCMC comment letters submitted to CARB during the course of its 2023-2024 workshops.
Interested in joining or learning more about the CCMC?
We're always excited to welcome new participants! The CCMC operates by consensus, and all new candidates are thoughtfully evaluated through that framework.
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Reach out to us at info@californiacarbonmarketcollaborative.com to learn more about our work and how you can get involved.