California’s Cap-and-Trade Goes Unpaid

California’s fledgling cap-and-trade program continues to struggle to get out of the gate. Last summer we noted that one of the Golden State’s quarterly auctions of carbon credits brought in just 2 percent of the revenues it was expected to generate. Two months later, state officials reported that permit sales were well below projected levels, while that same day the California legislature passed a bill that extended a program that even then was clearly broken. Six months later, and quarterly auctions are continuing to disappoint. The Sacramento Bee reports: