This piece is oddly silent on the failing linchpin of the program: people aren't paying <i>nearly</i> as much for their carbon credits as projected. The most recent auction was down <i>98%</i> in nominal dollars from the preceding auction (there is surprisingly little coverage of this fact in the media, so I don't know if there are mitigating numbers).<p>There was an article in WSJ that is paywalled:<p><a href="http://www.wsj.com/articles/californias-cap-and-trade-bubble-1464643546" rel="nofollow">http://www.wsj.com/articles/californias-cap-and-trade-bubble...</a><p>And this is the only other free coverage I found via a cursory search:<p><a href="https://www.yahoo.com/news/californias-landmark-cap-trade-program-faces-uncertain-future-120943553.html" rel="nofollow">https://www.yahoo.com/news/californias-landmark-cap-trade-pr...</a>