Down to the wire: California lawmakers announce last-minute climate and energy package

"After months of negotiation, California legislative leaders on Wednesday reached an eleventh-hour agreement on a suite of closely watched climate and energy bills. Gov. Gavin Newsom, state Senate President Pro Tempore Mike McGuire (D-Healdsburg) and Assembly Speaker Robert Rivas (D-Hollister) announced the deal just days before the the legislative session ends on Friday. It includes reauthorization of California's signature cap-and-trade program and the expansion of a regional electricity market, among other items."

"Among the most prominent items is the extension of California's nation-leading cap-and-trade program beyond its 2030 expiration date to 2045. Cap-and-trade is seen as crucial for California to comply with its climate goals - including reaching carbon neutrality by 2045 - and also brings in billions in revenue that helps fund state climate efforts such as the high-speed rail and safe drinking water programs."

"Newsom for months had been pushing for the program to be reauthorized largely in its current form, while environmental groups were hoping to see changes in how the program is run and where the money is spent. Revised language released Wednesday, including Senate Bill 840 and Assembly Bill 1207, includes some but not all of the changes they had hoped for, such as prioritized funding for nature-based climate solutions and a proposal"

California legislative leaders reached an agreement on a package of climate and energy bills that includes reauthorization of the cap-and-trade program to 2045 and expansion of a regional electricity market. The deal is expected to pass before the end of the legislative session and then go to the governor for signature. Cap-and-trade sets emission limits and allows trading of allowances; it is central to meeting climate goals including carbon neutrality by 2045 and generates billions in revenue that fund state climate programs such as high-speed rail and safe drinking water. The package produced mixed outcomes for environmental and energy groups, with some prioritized funding for nature-based solutions included but not all requested reforms adopted.

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