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In 2018, California spent $1.4 billion raised from its cap and trade program to reduce greenhouse gas emissions, out of $3.4 billion spent cumulatively since 2012; notable projects include California High-Speed Rail and the Clean Vehicle Rebate for low-emission vehicles. [65]
Gov. Gavin Newsom says $11 billion spent through California's cap-and-trade program over 10 years represents the 'backbone' of state efforts on climate change.
The California Cap-and-Trade program was created by CARB as a market mechanism to reach GHG emission reduction targets established in AB-32. There currently is a Cap-and-Trade program in California, though it is not directly required under SB-32, which simply establishes a clear emissions reduction goal.
The program, called cap and trade, was the first of its kind in the U.S. when launched in 2013 and set the ambitious goal of slashing turn-of-the-century emission levels by 40% by the year 2030.
Through the Western Climate Initiative (WCI), California is working to link its cap and trade system to other states. In October 2013, California officially linked its cap-and-trade program with Quebec Ministry of Sustainable Development, Environment, Wildlife, and Parks.
But some environmental groups were disappointed by the proposal, which would cut $2.9 billion in climate funding; delay an additional $1.9 billion; and shift $1.8 billion to other funds, primarily ...
SB 535 uses profits from the cap-and-trade policy, which went into effect in California in 2013, to fund projects that are beneficial for disadvantaged communities. The cap-and-trade came about as a way to lessen the environmental impact of companies on the community. The system is relatively simple and easy to put into action.
The fuel standard program, established in 2011, aims to reduce greenhouse gas emissions from transportation by capping the carbon intensity of fuels. The current program mandates a 20% reduction ...