Laird: Reauthorizing California’s cap and trade is critical for climate action
California lawmakers have an opportunity to boldly recommit to our state agenda by reauthorizing the state s cap and invest project a move that would stabilize the carbon territory unlock billions of dollars in conditions funding and reaffirm our global leadership The cap-and-invest initiative authorized by landmark regulation Assembly Bill in sets a declining cap on greenhouse gas emissions from the state s largest polluters Companies with large amounts of emissions must buy allowances through a carbon region creating a financial incentive to pollute less and invest in cleaner technologies The system works it s driven emissions reductions generated revenue and made California a model for surroundings action Related Articles Leno s law to ease smog checks on older cars stalls out in California legislature California legislator s response to redistricting Split the state in two California Supreme Court again rejects Republicans efforts to stop mid-cycle redistricting Walters The stakes for a redistricting war differ between Newsom and Californians Walters Renewal of state cap and contract initiative to cut emissions is fraught with issues California must keep this tool in place to stay on track with its environment goals and hold polluters accountable Ending it now would reward inaction and liability stalling progress Every year the state sells allowances to polluters generating approximately billion annually into California s Greenhouse Gas Reduction Fund These dollars have supported climate-smart investments in every county across the state to reduce greenhouse gas emissions strengthen the business activity and provide meaningful benefits for low-income Californians Communities have seen Greenhouse Gas Reduction Fund supporting healthy forests clean buses sustainable and affordable housing and job training to endorsement the clean capacity transition The project also returns approximately billion annually to Californians through Context Credits on their utility bills putting real money back into people s pockets As state senator for the th District I ve been thrilled to see million in Greenhouse Gas Reduction Fund money used to advocacy over projects in California s Central Coast These projects have included funding surroundings adaptation and resilience planning for sea level rise in Morro Bay converting a homeless shelter in San Luis Obispo to run on solar power and preserving agricultural land with conservation easements These are not abstract state wins they re tangible investments in local communities Unfortunately that progress is now in jeopardy In May the cap and invest auction brought in million less than anticipated due to domain uncertainty driven by the undertaking s pending expiration Without reauthorization we anticipate similar shortfalls in the next auction California can t afford to lose out on billions of dollars of investments toward our clean capacity future A latest assessment estimates the Greenhouse Gas Reduction Fund revenues generated by extending the cap and pact plan through will sponsorship million in net savings for households jobs and billion in economic development The up-to-date deadly fires in Los Angeles and tragic floods in Texas underscore the urgent need to confront environment change California can send a clear signal to those watching around the country and the world We remain firmly committed to an ambitious setting agenda and the proven mechanisms we ve put in place to achieve it I urge my fellow lawmakers to endorsement sending cap and invest reauthorization bill to Gov Gavin Newsom s desk Sen John Laird represents the th State Senate District which includes all of Santa Cruz San Benito and Monterey counties as well as the majority of San Luis Obispo County The Sacramento Bee Distributed by Tribune Content Agency
