"With just days left in the legislative session, hopes for a smooth reauthorization of California's Cap-and-Trade program evaporated last week when the Los Angeles County Legislative Delegation (L.A. Delegation) demanded a major reshaping of how revenues are spent. In a letter to Governor Gavin Newsom and legislative leaders, the delegation called for $3.3 billion annually for Los Angeles County transit projects in addition to the $1 billion for California High-Speed Rail construction in the Central Valley and Bay Area that the governor already set aside."
"California's Cap-and-Trade program, launched in 2013, sets a declining cap on greenhouse gas emissions from major polluters while allowing companies to buy and trade permits. By raising the cost of pollution, the system is meant to drive reductions while generating revenue for climate investments. The program has raised more than $33 billion since 2014, funding projects that range from zero-emission buses to coastal resiliency upgrades."
With the legislative session ending soon, the Los Angeles County Legislative Delegation demanded $3.3 billion annually for county transit in addition to a $1 billion high-speed rail set-aside, a request that would claim nearly all Cap-and-Trade auction revenue. The standoff threatens reauthorization of the program. State Senator Henry Stern framed the demand as fairness and an investment where need and demand are greatest. Cap-and-Trade, launched in 2013, limits emissions with tradable permits and raises funds for climate projects. The program has generated over $33 billion since 2014 for projects like zero-emission buses and coastal resiliency.
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