A historic milestone was reached on November 14, 2012 when Governor Schwarzenegge's California Global Warming Solutions Act came into law, commonly known as Cap and Trade.
The bill passed in 2006, and since formation, companies and citizens have been vying for where the billions of dollars raised as revenue from these taxes will be used, making Cap and Trade a highly coveted prize for heads of corporate states.
In simple terms, Cap and Trade forces companies to pay taxes based on carbon emissions and allows companies to trade carbon credits - if they are good at keeping their footprint below the allotted amount. When billions of dollars are at stake without a specified use, the lobbyists are out in droves. And this is BIG money with vague spending limits.
In today's video interview, Silicon Valley Leadership Group's Anne Smart explains the power grab that has resulted from the bill and what these creative exchanges mean for companies and their flexibility to trade. This trading isn't exactly open market, she says. It's done with a gavel. And Wednesday marked California's first mandatory auction.
Take a look!
About Anne Smart
As the Director of Energy, Anne is versed in the ways of policy and partnerships toggling her time between Sacramento, D.C. and Silicon Valley. She leads SVLG's energy group, and helps clean tech companies find access to capital - or help large tech companies make their campuses more green and sustainable. She also works on balancing the agenda for clean tech regulations by insuring we are truly advancing clean tech business and technology.
About The Silicon Valley Leadership Group
The Silicon Valley Leadership Group is a business trade association and 501.c6 member driven organization founded by David Packard of Hewlett Packard back in 1978. Packard founded SVLG to help CEOs work with politicians. A public private partnership, the Group advocates for policies and programs that improve the quality of life for companies and employees in Silicon Valley. Based in San Jose, there are approximately 375 member companies, including Google, Apple, Intel and HP.