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In two months’ time, a committee of 14 scientists, bankers, environmentalists and regulators is slated to deliver a report that will set the tone for future rules on greenhouse gas emissions in the U.S. The Market Advisory Committee (MAC) was called into being last September, when California Gov. Arnold Schwarzenegger signed into law a bill that commits the state to cut greenhouse gas emissions to 1990 levels by 2020–the first law of its kind in the U.S. As required by the new law, California’s environmental officials assembled the panel to work out how the state could deliver on its new obligations, which are expected to amount to roughly a 25% cut in emissions.

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