The California Air Resources Board (CARB or Board) has posted the Standardized Regulatory Impact Assessment (SRIA) for the Cap-and-Trade Regulation. The SRIA is not a staff proposal for amendments, but rather an initial economic evaluation of potential changes to the Cap-and-Trade Program. The submittal of the SRIA is one of many steps CARB must take prior to updating the Cap-and-Trade Regulation. CARB anticipates releasing draft regulatory language for the Cap-and-Trade Program for a formal 45-day public comment period in the coming months, which may be further informed through public workshops and reflect an updated economic analysis. The Cap-and-Trade SRIA was submitted to the Department of Finance on April 9, 2024.
Senate Bill 617 (Chapter 496, Statutes of 2011) established additional regulatory impact assessment standards for major regulations. Prior to releasing and proposing a rulemaking for Board consideration, CARB is required to conduct a SRIA when the proposed regulation is expected to have an economic impact exceeding $50 million. The Department of Finance has adopted regulations for state agencies to follow when conducting a SRIA for major regulations. The Department of Finance is required to review the completed SRIA submitted by agencies and provide comment(s) to the agency on the extent to which the assessment adheres to the regulations adopted by the Department of Finance.
