California voters defeated Proposition 23 this week, which clears the way for the state's new greenhouse gas restrictions to be carried out.
Still, MarketWatch is reporting that environmentalists and business groups continued to argue over the measure, and implications of the vote go well beyond the state’s borders.
Texas refiners Valero Energy Corp. and Tesoro Corp. heavily financed a campaign to support the measure. The two big companies contributed nearly $7 million to the campaign for Proposition 23, which would have kept new rules on air pollution on ice until unemployment in the state fell to 5.5 percent or lower for four consecutive quarters, according to MarketWatch.
Yet, opponents to the measure raised more than $31 million, compared to about $11 million by the proponents, according to public campaign finance disclosures compiled by Maplight.org, MarketWatch reported.
MarketWatch says that Bill Day, a spokesman for Valero, said the company was disappointed by the electoral outcome, but added that the greenhouse gas law has yet to be implemented by the California Air Resources Board (News - Alert).
“We do believe that Prop 23 and the votes it received will have an influence on the final rules and regulations in California as well as across the U.S.,” Day told MarketWatch.
The move had called for the delay of state law AB 32, which requires the state to cut greenhouse gas emissions to 1990 levels by 2020, MarketWatch said.
Official supporters included the Howard Jarvis Taxpayers Association, the California Republican Party, Assembly member Dan Logue, U.S. Rep. Tom McClintock, (R., Calif.) and The California Manufacturers & Technology Association.
Opponents included Gov. Arnold Schwarzenegger, the California Teachers Association and Microsoft founder Bill Gates (News - Alert).
MarketWatch says that the National Petrochemical & Refiners Association, an industry group in favor of the measure, said Tuesday’s victories by Democrats Jerry Brown for governor and Barbara Boxer for the U.S. Senate helped defeat Proposition 23.
On the other hand, Emilie Mazzacurati, head of carbon research for consultant Point Carbon, said the defeat of Proposition 23 carries “symbol importance,” given the upcoming United Nations Framework Convention on Climate Change in Cancun, Mexico on Nov. 29-Dec. 10, MarketWatch said.
Ed Silverstein is a TMCnet contributor. To read more of his articles, please visit his columnist page.Edited by
Erin Monda
