States eye nationwide carbon market after climate bill’s death

Maybe the collapse of climate legislation on Capitol Hill isn’t a death knell for the prospect of a nationwide carbon trading market after all.

Bloomberg’s carbon markets ace Simon Lomax reports that states might build one in the absence of a national cap-and-trade program.

“California, New Mexico and 10 U.S. Northeastern states may try to create a North American carbon market on their own now that President Barack Obama has given up on cap-and-trade legislation that stalled in Congress,” Bloomberg reports.

“The emissions-trading system would be based on a planned carbon market in California, the most populous state, and an existing regional cap-and-trade program for power plants in the Northeast, according to state environmental officials. Three Canadian provinces have also shown interest in a cross-border carbon-trading system, the officials said,” the piece adds.