California’s Cap-and-Trade Program: Frequently Asked Questions

Oct 24, 2023 - Offsets are designed to counter-balance the impacts of an entity ’s emissions by reducing emissions or preventing increased emissions elsewhere. In one common example, an entity covered under cap-and-trade in California —such as an oil refinery —can purchase an offset through a private company that works directly with forest owners to preserve forest growth.
https://lao.ca.gov/Publications/Report/4811

Summary of Major 2022 Climate and Energy Legislation

Jan 6, 2023 - For example, because CCUS supports emissions reductions at fossil fuel refineries, it is possible that the technology c ould extend the life of refineries, which could work at counter purposes to the state ’s climate goals.
https://lao.ca.gov/Publications/Report/4660