By BBK Law.
$900 million in appropriations for fiscal year 2016-17
With California’s cap and trade program suffering from legal challenges, decreasing auction revenue and general criticism of the program’s effectiveness, Gov. Brown signed several bills in Sept. that will help fund state and local programs and projects that reduce greenhouse gas emissions. Budget Committee bills Senate Bill 859 and Assembly Bill 1613, and AB 2722 (Burke, D-Inglewood) directed $900 million in cap and trade revenues to various California agencies and programs. AB 1550 (Gomez, D-Los Angeles) increases the amount of cap and trade auction proceeds that must go to projects benefitting disadvantaged communities. These appropriations should provide significant financial opportunities for local agencies and businesses with environmental projects and programs in need of funding.