Gov. Jerry Brown signs law to extend cap and trade, securing the future of California's key climate program

By Chris Megerian, Los Angeles Times.

Cementing California’s role as a leader on climate change, Gov. Jerry Brown signed legislation Tuesday to extend the state’s cap-and-trade program while surrounded by a coalition of supporters including his predecessor, former Gov. Arnold Schwarzenegger. 

The program, the only one of its kind in the country and an international model in the fight against global warming, is designed to provide a financial incentive for companies to pollute less. It requires oil refineries, power plants, food processors and other facilities to buy permits to release greenhouse gas emissions into the atmosphere. 

“California is leading the world in dealing with the principal existential threat that humanity faces,” Brown said during Tuesday’s ceremony, which took place on Treasure Island with the San Francisco skyline serving as a dramatic backdrop. “What could be a more glorious undertaking?”