Dennis Luna, Managing Partner of Luna & Glushon and Editor-in-Chief of the California Oil &
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Gas Report, was the opening speaker at a Cap-and-Trade Forum held June 3.
The topic of the forum, presented by the BizFed Institute and held at Woodbury University in Burbank, was: “Is Cap-and-Trade Working for California?”
Mr. Luna’s presentation explained what cap-and-trade is, identified the “hot button” issues that make cap-and-trade so controversial; and why cap-and-trade has a multi-billion-dollar impact on the state’s economy.
Cap-and-trade is a market-based regulation designed to reduce greenhouse gas emissions in California that contribute to climate change. Under cap-and-trade, an overall limit on emissions is established for capped sectors, such as fossil fuels. Facilities subject to the cap are able to trade permits or allowances to emit greenhouse gases.
Mr. Luna provided an overview of the cap-and-trade program, what it involves and how it works. One of the very few attorneys who also holds a Masters in Petroleum Engineering, Mr. Luna is regarded as an expert in cap-and-trade issues.
Other speakers and panelists included Colleen Callahan, Deputy Director, UCLA Luskin Center for Innovation; Bob Wyman, Global Co-chair, Air Quality and Climate Change Practice, Latham & Watkins, LLP; Gary Gero, President, Climate Action Reserve; Tiffany Roberts, Western States Petroleum Association; Ellah Ronen, Program Administrator, LA n Sync, Annenberg Foundation; Richard Stapler, Deputy Secretary for Communications, CA Natural Resources Agency; and Andrew Cheung, Cap and Trade Program Manager, Southern California Gas Company.
Topics addressed included whether cap-and-trade will really generate the expected $1 billion in revenues for the state, whether the program is accomplishing what its proponents intended, the costs and who is paying them, whether cap-and-trade represents a temporary or permanent source of revenue, and whether it will have an impact on such issues as affordable housing, drought and high-speed rail.