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The approach to reducing emissions exhibiting the greatest 1)
simplicity, 2) efficiency (least cost) and 3) likliehood of being
adopted by other states is the Fee and Dividend approach so
successfully utilized in British Columbia (see recent Economist
article attesting to its effectiveness and popularity at
http://www.economist.com/node/18989175 ). In this approach,
advocated by the Citizens Climate Lobby, a fee for carbon emissions
gradually increases over time to a level deemed likely to achieve
the desired emission reductions.  As such, emission price certainty
is assured, allowing for smoother business and investment planning
and therefore greater job creation.  ALL (100% - revenue nuetral)
of the fees are returned via check to households so that there is a
clear reward for the program to go along with the market incentive
to reduce. Also, there is minimal administrative costs to the
program and no permit market to regulate.

Thank You for Listening!

However, the greatest reason to embrace this approach is its appeal
to other states and the country as a whole.  It is of little use if
only California reduces emissions - we need an approach that is
simple, effective, and 100% revenue nuetral, and so attractive for
others to adopt.  If the Fee and Dividend approach works in BC,
then works in California, we will have started something big, and
that is our true objective.