3rd UPDATE: Californians Reject Proposal To Suspend Climate Law

SAN FRANCISCO (Dow Jones)--California voters defeated a proposal to suspend the state's climate law, delivering a victory to environmental groups and the governor and a blow to oil refiners who backed the measure. true religion jeans

The ballot initiative, called Proposition 23, was rejected by 61.2% of the voters, compared with 38.8% who voted in favor, according to the California Secretary of State's office.

"This was a huge, huge victory for me, a huge victory for the state of California, for the environment, for green technology, for jobs," Gov. Arnold Schwarzenegger told reporters in a conference call. true religion outlet

Proposition 23, backed by oil refiners Valero Corp. (VLO) and Tesoro Corp. (TSO), both of San Antonio, Texas, and others in the heavy industry, would have suspended California's landmark 2006 climate law until the state's unemployment rate--currently above 12%--fell to 5.5% for at least a year. The proposal was closely watched around the U.S. and the world as an indication of the degree to which the public supports policies aimed at fighting climate change. jeans outlet

Schwarzenegger and other opponents of the proposition say the emission-reduction policy is a necessary step to fight climate change and a key driver of the state's growing renewable-energy and clean-technology industries.         

Opponents of the measure, including the National Wildlife Federation, Environmental Defense Fund and other environmental groups, the American Lung Association, some Hollywood celebrities, renewable energy companies and investors in clean-technology companies, contributed millions of dollars to the "No on 23" campaign and helped campaign against the measure. cheap jeans outlet

In addition to protecting the environment, the climate law "is a stimulus to the economy and creates new markets, new jobs and energy independence," Tom Werner, chief executive of solar-panel maker SunPower Corp. (SPWRA, SPWRB), said in an interview.

SunPower, of San Jose, Calif., plans to add about 100 jobs to its U.S. workforce of 1,000 when it completes work on a new California factory. cheap jeans The company's network of dealers--solar-panel installers that exclusively sell SunPower's products--employ more than 5,000 people, said Werner, who personally contributed $25,000 to the "No on 23" campaign.

California officials see the law as a model for federal climate legislation, which has stalled in Congress.