California’s latest cap-and-trade auction settled at $29.27 per ton of carbon, generating $850 million—significantly less than the $1.1 billion raised at the same time last year. The decrease in proceeds, attributed to weak demand and market uncertainties, raises concerns about funding for programs like wildfire mitigation, utility bill rebates, and high-speed rail. State regulators and lawmakers are under pressure to reauthorize and potentially reform the cap-and-trade program to ensure its effectiveness and financial viability. (POLITICO)