Gov. Jerry Brown recently signed Assembly Bill 398, which extends cap-and-trade, California’s cornerstone climate change program, through 2030. The program requires the largest emitters of greenhouse gas emissions (e.g., the oil and gas industry, cement plants, large food processors) to cut their emissions. Without putting a price on carbon, we are unlikely to meet our climate change goals, the most ambitious in the country.
The state Legislature and governor will now debate how to budget billions of dollars in cap-and-trade revenue. In the past three years, California has invested more than $3 billion of cap-and-trade funds in our communities to accelerate the transition toward a clean energy economy. In January, Governor Brown proposed an additional $2.2 billion for the 2017-18 fiscal year.
To date, the money has been invested across California on projects that reduce emissions by weatherizing homes, installing solar panels, improving public transportation, building transit-oriented housing and more. In addition to these urban strategies, the state has also embraced sustainable agricultural solutions to climate change.
Source: Paul Dolan and Renata Brillinger, The Press Democrat, August 13, 2017