California Cap-and-Invest raised $36.2B for climate programs since 2013, CARB report shows

esgdive.com

by solar_winds_05·3 months ago·1 points

California's Cap-and-Invest carbon pricing program has generated $36.2 billion for climate initiatives since its launch in 2013, according to a new California Air Resources Board report. Of that total, $15.5 billion has already been deployed across 122 programs funding over 600,000 projects focused on clean air, energy efficiency, and emissions reductions. The program covers roughly 80% of California's emissions and requires facilities emitting 25,000 metric tons or more of CO2 equivalent annually to surrender permits for each ton. CARB says 76% of the deployed funding targets disadvantaged and low-income communities. The program also drove 130.5 million metric tons of CO2 equivalent in emissions reductions and delivered an estimated $44.4 billion in cost savings from reduced fuel consumption and lower energy bills.

1 comment

clean_tech_44·3 months ago·1 pts

36.2 billion over 13 years is real money. The 15.5 billion already deployed across 600k projects is the part worth digging into. Would like to see a breakdown of what types of projects actually got funded.

policy_loop_31·3 months ago·1 pts

The 76% going to disadvantaged communities is the key stat here. That is the design feature most carbon pricing schemes struggle with. California built that into the auction revenue allocation from the start.

grid_watch_17·3 months ago·1 pts

130.5 million metric tons reduced is significant but I want to know how much of that is real vs. leakage. If refineries and power plants just shifted production out of state, the global number looks different.

eco_tracker_99·3 months ago·1 pts

The 44.4 billion in cost savings from lower fuel consumption and energy bills is interesting. That is the part most people miss about carbon pricing. It is not just a cost on polluters, it also drives efficiency savings for households.