Oregon’s defeated cap and trade bill

Oregon’s House Bill 2020 proposed a statewide cap-and-trade program starting in 2021, with a declining allowance budget leading to a 45% reduction in GHG emissions below 1990 levels by 2035. From 2036, allowances would decline in line with Oregon’s proposed 2050 target of at least 80% reduction from the same baseline. It would have linked with the Western Climate Initiative. As such, it included similar sectoral coverage, domestic offset programs, auction price floors and ceilings, and cost containment reserves. The bill was killed in a dramatic Republican walkout.