Friday, October 30, 2015

California Climate Investment Plan Draft Is Good Primer on California Strategies

California's climate strategy includes a robust cap and trade program that is generating billions of dollars.  The money is invested in climate solutions at a level surpassing climate investments by almost all national governments.  The California Air Resources Board is assisting the state Department of Finance in developing the latest version of a forward-looking plan for investing future revenues.

The 2015-16 California state budget allocated over $2.2 billion in cap and trade revenue to programs, ranging from $20 million for healthy soils to $350 million for low carbon transportation and $765 million for transit and rail projects.  Billions more in revenues are expected over the next few years.

The allocation of cap and trade revenue is subject to negotiations between the governor and legislature, but it is guided by an intensive review of potential climate investments in many program areas.  The review is mandated by legislation signed by Governor Brown in 2012 (AB1532, by Assemblymember John Perez).  The legislation requires regular preparation and updating of three-year climate investment plans for cap and trade auction revenues.

The California Air Resources Board has released the latest draft of the investment plan.  The plan will serve as background for the governor and legislature as they guide the expenditure of several billion dollars in auction revenue expected from 2016 to 2019.  Revenues will be used for a variety of public investments and incentives.

http://www.arb.ca.gov/cc/capandtrade/auctionproceeds/
draft-second-investment-plan.pdf


Hearings on the plan will take place in early November and comments will be accepted until November 13. A new draft will be released in early December, followed by another comment period and a hearing before the Air Resources Board on December 17-18.  The plan will be submitted to the legislature in January.  (Details on the hearings here)

The draft document, Cap-and-Trade Auction Proceeds Second Investment Plan:  Fiscal Years 2016-17 through 2018-19 (Draft) (linked here), includes detailed background and serves as a very useful primer on the California climate program and related investments/expenditures.  The plan has already been the subject of several workshops and over 200 written comments have been received to date (written comments can be viewed here).

The draft plan provides detailed background on the investment areas and programs.   There is also a good discussion of how investments will target disadvantaged communities, as required by state law.

The Air Resources Board staff has done an excellent job of preparing a series of graphics that provide an overview of the California climate program and related uses of auction proceeds.  Below is a selection of graphics covering the overall California strategy and summarizing expected investment areas for the next few years:



Overview of California Climate Goals for 2030:


Source: (10//27/2015 Draft) Cap-and-Trade Auction Proceeds Second
Investment Plan: Fiscal Years 2016-17 through 2018-19

Additional Detail on California Climate Goals & Targets Through 2050

Source: (10//27/2015 Draft) Cap-and-Trade Auction Proceeds Second
Investment Plan: Fiscal Years 2016-17 through 2018-19

CO2 Emissions at 2020, 2030, 2050


Source: (10//27/2015 Draft) Cap-and-Trade Auction Proceeds Second
Investment Plan: Fiscal Years 2016-17 through 2018-19

Overview Of Proposed Investment Areas


   Source: (10//27/2015 Draft) Cap-and-Trade Auction Proceeds Second
Investment Plan: Fiscal Years 2016-17 through 2018-19

Proposed Transportation Investment Concepts, Including Recipients



Source: (10//27/2015 Draft) Cap-and-Trade Auction Proceeds Second
Investment Plan: Fiscal Years 2016-17 through 2018-19

Proposed Energy Efficiency/Renewables Concepts Including Recipients


Source: (10//27/2015 Draft) Cap-and-Trade Auction Proceeds Second
Investment Plan: Fiscal Years 2016-17 through 2018-19

Proposed Resources/Waste Concepts Including Recipients


Source: (10//27/2015 Draft) Cap-and-Trade Auction Proceeds Second
Investment Plan: Fiscal Years 2016-17 through 2018-19

Proposed Transportation & Sustainable Communities Concepts Including Recipients


Source: (10//27/2015 Draft) Cap-and-Trade Auction Proceeds Second
Investment Plan: Fiscal Years 2016-17 through 2018-19




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