"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 imposes a declining emissions cap on the state's largest polluters and requires purchase of allowances through a carbon market, creating incentives to reduce pollution and invest in cleaner technologies. The program generates roughly $4 billion annually for the Greenhouse Gas Reduction Fund and returns about $3 billion annually to residents via Climate Credits on utility bills. Funded projects include healthy forests, clean buses, sustainable and affordable housing, and job training to support the clean energy transition. A $547 million allocation supported over 18,000 projects in the Central Coast, including sea-level rise planning in Morro Bay and solar power for a homeless shelter.
Read at The Mercury News
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