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Pass the Gas: California’s cap-and-trade program uses market forces to push big polluters, like the Dynegy gas power plant in Moss Landing, to invest in emission-reduction technology.

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Power plants, natural-gas extraction ops prep for California’s new carbon market.

Despite the groaning from big polluters, California’s first carbon auction kicked off Nov. 14, launching a cap-and-trade program second in scale only to the European Union’s. The auction, open to major greenhouse gas emitters such ...

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