Flaring occurs mostly at oil wells, but even companies that primarily produce and sell natural gas burn off some of it. Companies argue that they flare and vent for safety and maintenance and because selling or reusing the gas is not financially feasible. The industry and its regulators even refer to this gas as "waste." [OH MY!] But experts say a valuable resource is being squandered because of weak regulations, ineffective tracking of flaring and venting, and a lack of economic incentives to capture and sell the gas.

"The atmosphere is a free dumping place," said Robert L. Kleinberg, senior research scholar at the Center on Global Energy Policy at Columbia University. "It's like throwing [$10.6B] garbage out the window back in the Middle Ages."

the goal of spurring companies to pollute less

But a recent report by a panel that advises state lawmakers found companies have saved up so many pollution credits -- 321 million -- for later use that it could make the program ineffective. The report's authors, environmental advocates and some lawmakers have urged the California Air Resources Board

The Global Warming Solutions Act of 2006 (Nunez) [!] expanded CARB's role to development and oversight of California's main greenhouse gas reduction programs. These include cap-and-trade, the Low Carbon Fuel Standard and the zero-emission vehicle (ZEV) programs. As a result of these efforts, the state is on track to roll back carbon emissions to 1990 levels by 2020. With the passage of additional laws (such as SB 32 in 2014 and AB 398 in 2017), CARB is now mapping out how these programs and others can help California reach its next target: reducing greenhouse gas emissions an additional 40 percent below 1990 levels by 2030. The ultimate goal for California is to reduce greenhouse gases 80 percent below 1990 levels by 2050.< wipes tears >

to do a thorough analysis of the risks posed by the saved allowances.