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Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer

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Corporate America has been draining the world's water. Matt Damon's new campaign calls on Gap, Starbucks, and Amazon to help give it back

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Marc Lore’s robots make 500 burrito bowls an hour. A human can make 45
climate change

California Rolls Out Ambitious Plan to Slash Carbon Emissions

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January 20, 2017, 3:47 PM ET
EPA Tightens Air Pollution Limits For First Time In A Decade
LOS ANGELES, CA - MARCH 14: Traffic moves along the 110 freeway, after Environmental Protection Agency (EPA) Administrator Stephen L. Johnson this week announced a modest lowering of legal limits on ozone pollution standards, on March 14, 2008 in Los Angeles, California. The change angered not only industry groups who lobbied against the change but also medical, scientific and environmental groups who say that tougher limits are needed. EPA science advisors and a children's health panel had unanimously recommended tougher standards to protect the public, especially children and the elderly, from serious respiratory problems caused by breathing ground-level ozone that aggravates asthma and can lead to premature death, as shown by mounting evidence. A second proposal for more stringent seasonal limits on ozone based on its harm to forests, crops and other plants was reportedly quashed at the 11th hour by President Bush. Governments in areas where the air is declared dirty as the pollution limit of about 84 parts per billion changes to about 75 ppb over an average eight-hour period will have two decades to reduce their emissions. (Photo by David McNew/Getty Images)Photograph by David McNew — Getty Images

California released an ambitious plan to cut the state’s output of heat-trapping greenhouse gas emissions on Friday, the same day that newly-minted Trump administration signaled it will undo federal U.S. carbon regulations.

California’s plan details how it will achieve its goal of cutting emissions 40 percent below 1990 levels by 2030, which state air regulators called the most ambitious target in North America.

The plan includes an extension of the state’s controversial carbon cap and trade program and calls for the state’s oil refineries to cut their greenhouse gas emissions by 20 percent.

“Climate change is impacting California now, and we need to continue to take bold and effective action to address it head on to protect and improve the quality of life in California,” said CARB chair Mary Nichols, who called the plan’s target the most ambitious one of its kind in North America.

California’s aggressive move to tackle the issue of global warming stands in stark contrast to President Donald Trump, who has cast doubt on the degree to which human activity causes climate change.

The Trump administration on Friday removed all mentions of climate change from the White House website and said it would eliminate the Climate Action Plan, which seeks to cut emissions in part by preserving forests and encouraging increased use of cleaner renewable fuels.

The battle over climate change policy between California, the nation’s most populous state, and the Trump administration will likely include a fight over the state’s decades-old authority to set limits on emissions.

During a congressional hearing on Wednesday, Trump’s nominee for secretary of the Environmental Protection Agency, Scott Pruitt, would not commit to allowing the state to set more stringent emissions standards for vehicles through a federal waiver.

“Administrators in the past have not granted the waiver and have granted the waiver. That is a review process that will be conducted,” he said.

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