Climate change: market-based compliance mechanism: extension.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Chaptered
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill extends the California Cap-and-Invest Program, a market-based compliance mechanism for reducing greenhouse gas emissions, until January 1, 2046. It requires the state board to continue using this program to achieve emissions reduction goals and emphasizes transitioning support from gas corporations to electrical distribution utilities. The bill also establishes a Compliance Offsets Protocol Task Force and an Independent Emissions Market Advisory Committee to provide guidance and oversight, and modifies regulations regarding rebates for residential customers and the allocation of revenues from the program.
Key provisions
- Extends the California Cap-and-Invest Program until January 1, 2046.
- Requires the state board to design regulations that minimize ratepayer impacts and achieve emissions reduction goals.
- Establishes a Compliance Offsets Protocol Task Force to guide offset credit approvals.
- Creates an Independent Emissions Market Advisory Committee to provide ongoing oversight and reporting.
- Modifies regulations regarding rebates for residential customers, shifting credit to small businesses and emission-intensive trade-exposed retail customers.
- Redirects a portion of revenue from the program to the California Climate Mitigation Fund for household energy cost rebates.
- Establishes a price ceiling and allowance price containment reserve within the Cap-and-Invest Program.
- Requires the state board to designate the Cap-and-Invest Program as the rule for petroleum refineries and oil and gas production facilities.
Bill text
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