07/22/2010 03:24 pm ET | Updated May 25, 2011

Proposition 23: Texas Oil Giants Invest Heavily To Repeal California Global Warming Act

California's Proposition 23 is shaping up to be a big fight.

The proposition would suspend California's Assembly Ballot 32 (AB 32), otherwise known as the Global Warming Solutions Act, which was signed by Gov. Schwarzenegger in 2006. AB 32 requires greenhouse gas emissions to be reduced to 1990 levels by 2020.

But there's a movement brewing that argues that the Global Warming Solutions Act would cost the state over 1 million jobs and result in hundreds of billions of dollars in productivity loss if its progressive climate change measures are enacted.

The California Jobs Initiative, which is leading the effort to suspend the climate change legislation, has raised over $3.1 million to suspend the Global Warming Act. They have the financial backing of Texas oil giants Tesoro and Valero, as well as Occidental Petroleum and the conservative Adam Smith Foundation, according to The Sacramento Bee.

Proposition 23 would suspend the Global Warming Solutions Act until unemployment levels for the state drop to 5.5% for at least one year, The Bee reports.

But clean-energy advocates and environmental groups vow not to let oil companies and private interests push them around. The movement against Prop 23 has already raised over $2 million to help keep AB 32 in place.

AB 32 has been hailed as a "landmark piece of bipartisan clean energy legislation" and "a model for federal action." writes that A.B. 32 has "catalyzed billions of dollars in private sector investment in clean energy in the state--creating jobs, businesses, and new technologies that are leading the nation toward a cleaner energy future."