"The cap-and-invest program, authorized by landmark legislation (Assembly Bill 32) in 2006, sets a declining cap on greenhouse gas emissions from the state's largest polluters. Companies with large amounts of emissions must buy allowances through a carbon market, creating a financial incentive to pollute less and invest in cleaner technologies. The system works: it's driven emissions reductions, generated revenue and made California a model for climate action."
"Every year, the state sells allowances to polluters, generating approximately $4 billion annually into California's Greenhouse Gas Reduction Fund. These dollars have supported climate-smart investments in every county across the state to reduce greenhouse gas emissions, strengthen the economy and provide meaningful benefits for low-income Californians. Communities have seen Greenhouse Gas Reduction Fund supporting healthy forests, clean buses, sustainable and affordable housing and job training to support the clean energy transition."
California's cap-and-invest program establishes a declining emissions cap for large polluters and requires allowance purchases through a carbon market, creating incentives to cut emissions and invest in clean technology. The program has reduced emissions, generated significant revenue, and served as a climate policy model. Annual allowance sales provide roughly $4 billion to the Greenhouse Gas Reduction Fund, financing climate-smart projects statewide that lower emissions, boost the economy, and deliver benefits to low-income communities. The program also returns about $3 billion annually to residents through Climate Credits on utility bills. Local projects have supported sea-level-rise planning and solar conversions of community facilities.
Read at www.mercurynews.com
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