"The program known as cap and trade sets a declining limit on total greenhouse gas emissions in the state from major polluters. Companies must reduce their emissions, buy allowances from the state or other businesses, or fund projects aimed at offsetting their pollution. Money the state receives from the sales funds climate-change mitigation, affordable housing and transportation projects, as well as utility bill credits for Californians."
"It was set to expire after 2030. The law Newsom signed Friday at the Morrison Planetarium in San Francisco potentially boosts carbon-removal projects and requires the program to align with California's target of achieving so-called carbon neutrality by 2045. That means the state will remove as many carbon emissions as it releases. The law changes the name to "cap and invest" to emphasize that the money goes toward other programs."
California extended its cap-and-trade program through 2045 and rebranded it as "cap and invest," requiring alignment with a carbon-neutrality target by 2045. The program sets declining caps on major polluters, who must reduce emissions, purchase allowances, or fund offset projects. Auction revenues fund climate mitigation, affordable housing, transportation projects, and utility bill credits. The law designates $1 billion for high-speed rail, $800 million for affordable housing, $250 million for community air protection, and $1 billion subject to annual legislative appropriation. Additional measures speed oil permitting in Kern County, replenish wildfire liability funds, and enable regional grid market partnerships.
Read at ABC7 San Francisco
Unable to calculate read time
Collection
[
|
...
]