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Basic Structure of Climate Action Program <br />•Carbon Emissions are capped by the # of carbon “allowances” <br />issued, allowances declines over time. <br />•Allowances = a permit for 1 ton of carbon. <br />•Regulated Entities purchase allowances in auction, “trade” in a <br />secondary market, receive free allowances, or reduce own <br />emissions. <br />•Quantity of carbon reduction is certain, price is market driven. <br />Program controls keep price from being too high or low. <br />•Program targets large carbon emitters = over 25,000 annual tons.