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California climate investments puts resources of cap and trade auction proceeds to work reducing greenhouse gas emissions, strengthening the economy, improving public health and the environment, and providing meaningful benefits to the most disadvantaged communities, low-income communities, and low-income households. [67]
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.
Under the program, which is essentially a cap-and-trade emissions trading system, SO 2 emissions were reduced by 50% from 1980 levels by 2007. [58] Some experts argue that the cap-and-trade system of SO 2 emissions reduction has reduced the cost of controlling acid rain by as much as 80% versus source-by-source reduction.
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 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.
Shannon Douglass, president of the California Farm Bureau, said in an email that the state’s agriculture business “has faced significant challenges due to past trade disputes.”
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.
California's agriculture industry saw $1.2 billion in costs and the loss of more than 8,700 jobs due to drought last year, according to a new research.