Proposition 23 would freeze a law passed in 2006, called Assembly Bill 32, that requires that the state reduce its greenhouse gas emissions to 1990 levels by 2020, and imposes an effective, firm framework by which to do so.
The LA Times has taken a position on Prop 23, endorsing a No vote. They pointed out :
Economic forecasts might be murky, but it's clear that there will be winners and losers if the state, as it's directed to do by AB 32, caps greenhouse gas emissions at power plants and other big pollution sources. Among the losers would be Valero Energy and Tesoro Corp., the San Antonio-based oil companies that fronted the money to get Proposition 23 on the ballot and have together contributed nearly $5.6 million to the campaign. Among the winners would be venture capitalists and companies that are investing billions of dollars in renewable power plants and research into clean-energy alternatives. But it goes deeper than that. Although Proposition 23's supporters rightly point out that California, by itself, can't have much of an impact on global warming no matter how sharply it cuts its carbon emissions, AB 32 will have benefits beyond the fight against climate change. Cleaner energy will also bring cleaner air, reducing public health costs and improving quality of life.