California air regulators have approved changes to the state carbon market that allow oil refineries and major polluters to receive billions of dollars in free pollution permits. The program aims to prevent refinery closures and stabilize gas prices while encouraging companies to invest in clean energy and efficiency projects. Critics and environmental groups argue the move weakens the state's emissions cap and reduces funding for public transit and affordable housing. The new permit pool is capped at the same number of permits required to meet California's 2030 climate targets, leading to concerns that actual emission reductions could be neutralized.
