Here are the specs on California's landmark global warming bill. Take notes Steve:

• California, the world's 12th largest producer of greenhouse gases, will cap emissions at 1990 levels by 2020, approximately a 25 percent reduction.

• By 2008, the California Air Resources Board will begin requiring reporting of greenhouse gas emissions by the biggest polluters.

• By 2011, the state will set greenhouse gas emissions limits and reduction measures to go into effect in 2012. Failure to comply will lead to penalties.

• The state board is allowed to draw up market mechanisms to achieve greenhouse gas emission reductions, including carbon credit trading.

• The governor can halt implementation of regulations for up to one year in the event of "extraordinary circumstances" like a natural disaster or economic crisis.