California Governor Arnold Schwarzenegger used his appearance at the Commonwealth Club in Santa Clara today to “put a spotlight” on what he called the “self-serving greed” of oil companies Valero, Tesoro, and Koch Industries. These companies, two of which he described as among the state’s top polluters, are bankrolling Proposition 23 for their own gain, while trying to hide behind a false claim that the initiative would be good for the state’s economy, said the Governor. Prop 23 would suspend California’s Global Warming Solutions Act, AB 32, which authorizes incentives and regulations for reducing the state’s greenhouse gas emissions to 1990 levels by 2020. Schwarzenegger’s speech was timed to the fourth anniversary of the law.
Proponents of the ballot measure claim that allowing AB 32 to be fully implemented would drive businesses from the state and could potentially cost the state more than a million jobs, a figure which has been challenged in several studies. Continue reading