California Proposition 23, backed by oil companies Tesoro and Valero, has been defeated by California voters. This is good news for green jobs and Cleantech ventures.
This Proposition would have set aside California’s Clean Energy Bill, AB 32, passed in 2006. Among other things, AB 32 requires that the State meet a Kyoto Protocol-styled requirement for greenhouse gas emissions. Under AB 32, greenhouse gas emissions levels must be cut to 1990 levels by 2020.
Adopted in 1997, the Kyoto Protocol has been signed by 187 countries. The only country to indicate that it has no intent to sign the treaty is the United States. While it was the world’s largest emitter at the time, the US has recently slipped to second place on the ranking of the world’s top emitters.
Both Valero Energy Corporation and Tesoro Coporation are headquartered in San Antonio, Texas.
With the defeat of Prop 23, however, it is not likely that anyone is likely to stop pumping gas in California anytime soon. A trip down LA’s La Brea (the tar in Spanish) Avenue will take you past the famous tar pits and right by an operating oil field in Culver City.