In 2012, California implemented a bold cap-and-trade program aimed at reducing fossil fuel consumption and emissions. The program has been a success, generating nearly $2.2 billion. These funds have been a much welcomed boost to the state’s budget, and are about to be put to work on a series of new projects to further decrease the state’s environmental impact.
The dividends of the project will be allocated state wide, and benefit cities and local governments in multiple ways. Investments in high-speed rail, wetland restoration projects, and even small-scale city projects such as bike racks, tree planting services, and water conservation are all part of the plan.
The success of the cap-and-trade program is proof of concept that climate-wise policies can flourish in the long term. The benefits of the program will reverberate throughout the state: creating green jobs, facilitating the development of mass-transit systems, and cleaning up the state’s precious resources and natural habitats. Such benefits help mayors and local leaders empower their communities. For resources on how to best serve your community, come get on the Path to Positive!
California is starting to dole out nearly $2.2 billion generated by its cap-and-trade program to cut carbon emissions, allocating funds to hundreds of projects. Winners include regional rail, electric car rebates and rooftop solar for low-income residents.
Revenue from auctions of pollution permits under the system has bolstered the state's budget. A database compiled by ClimateWire shows for the first time precisely where funds have been directed. It reveals that more than $1.4 billion has been pledged to more than 350 recipients.
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