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California lawmakers to decide on extending key climate program and boosting grid reliability
The extension, renamed 'cap and invest,' allocates $3 billion to infrastructure and climate projects, aiming to align emission caps with state targets amid refinery closures and high utility costs.
- California’s Democrat-led Legislature plans to hold a vote on Saturday regarding the extension of the state’s cap-and-trade program, which is currently scheduled to end after 2030.
- Initiated in 2013, the program enables large greenhouse gas polluters to purchase emission permits, with the generated funds supporting projects related to climate change, affordable housing, and transportation.
- The proposal seeks to extend the program’s authorization until 2045, rename it "cap and invest" to underscore its support for climate-related initiatives, and establish regular annual funding for infrastructure projects.
- After reaching the agreement this week, Gov. Newsom stated that the reforms will reduce energy costs, ensure a reliable gas supply, cut harmful pollution, and promote a clean economy that generates new jobs.
- Critics argue the policy raises living costs, with refinery closures removing 18% of capacity, while some lawmakers call the rushed deal poorly handled amid balancing climate goals and costs.
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Newsom, Lawmakers Strike Deal Extending Cap-and-Trade to 2045
California Gov. Gavin Newsom and top lawmakers announced a climate and energy deal that extends the state’s cap-and-trade program through 2045, rebrands it as “cap and invest,” and includes measures aimed at boosting domestic oil production in an effort to stabilize fuel prices amid economic pressures. The agreement, announced on Sept. 10, comes as the Democratic-controlled Legislature wraps up its session, facing a $12 billion budget deficit an…
·New York, United States
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Coverage Details
Total News Sources38
Leaning Left16Leaning Right4Center15Last UpdatedBias Distribution46% Left
Bias Distribution
- 46% of the sources lean Left
46% Left
L 46%
C 43%
11%
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