On December 16, the California Air Resources Board (CARB) voted 9-1 to approve the state’s greenhouse gas cap-and-trade program. The program is fundamental to Assembly Bill 32’s goal of reducing California emissions to 1990 levels by 2020. The regulation will place a limit, or cap, on 85% of the state’s greenhouse gas emissions. The number of emission allowances, or tradable rights to emit, will decrease annually. The program will start in 2012 and include all major industrial sources and utilities, and a second phase will start in 2015 and include distributors of transportation fuels, natural gas, and other fuels.