California is considering a plan to grant billions of dollars in free emission allowances to oil refineries and industrial polluters. The proposal aims to prevent refinery closures and stabilize gasoline prices by offering permits in exchange for clean energy investment pledges. Environmental groups and economists warn that this move could weaken the state's cap-and-invest program and reduce funding for climate projects. The debate highlights the struggle to maintain strict decarbonization targets while managing immediate energy affordability.
