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California regulators yesterday approved the first system in the United States to give polluting companies such as utilities and refineries financial incentives to emit fewer greenhouse gases.
The Air Resources Board voted 9-1 to pass the key piece of California's 2006 climate law – called AB32 – with the hope that other states will follow the lead of the world's eighth largest economy. State officials are also discussing plans to link the new system with similar schemes that are underway or being planned in Canada, Europe and Asia.