Greenhouse gas reduction.

Existing law requires the State Air Resources Board to adopt regulations to require the reporting and verification of statewide greenhouse gas emissions and to monitor and enforce compliance with this program. Existing law requires the state board to adopt greenhouse gas emission limits and emission reduction measures by regulation to achieve the maximum technologically feasible and cost-effective reductions in greenhouse gas emissions in furtherance of achieving the statewide greenhouse gas emissions limit, and, as part of that regulation, authorizes the state board to adopt a market-based compliance mechanism, commonly referred to as cap and trade.