California global warming deal

The California legislature and governor agreed on a deal to cap greenhouse gases and set up a market that lets polluters trade greenhouse pollution credits. Yesterday, a SacBee columnist argued that this was window dressing, but it seems to me like a big deal. Limiting greenhouse pollution helps the world on global warming, and helps California develop a post-peak-oil economy.
The Reality Based Community has a great post comparing/contrasting to the Kyoto protocols. The Cali bill is somewhat weaker in terms of goals — a reduction to 1990 levels by 2020, instead of 5% below 1990 levels by 2020. Also, the bill is slower in timeline, with operation kicking in in 2012. California could join the European trading group by piggy-backing with an existing member.
Even though the terms are somewhat weaker than Kyoto , this is a huge step in the right direction. The anti-Kyoto-camp argue that if everyone isn’t doing it, nobody should do it, but that discounts the role of leadership, which gets others moving in the same direction. California’s policies often lead the US; the bill sets a strong precedent for national action, and additional regional action in advance of national action.

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