California Attacks Climate Change

California seems to be poised to take a major step toward controlling greenhouse gases. (Full story here.) By the way, while I couldn't resist the Terminator image, this was primarily a Democratic initiative -- although to his credit Arnold has been very supportive of climate change measures and has come onboard for this one..

There are the usual complaints about cost, but a group headed by my economist colleague Michael Hanemann projects a net economic gain for the state. This is largely due to the cost-savings of reduced energy consumption plus the potential for California to become the market leader in new energy technologies. The report is available through the California Climate Change Center.