California cap-and-trade spending plan sets aside $895 for clean vehicles

By Chris Megerian, Los Angeles Times.

California will use cap-and-trade revenue for a massive investment in clean trucks, buses, cars and other vehicles, according to details of an agreement obtained by The Times on Monday evening.

The $1.5-billion spending plan comes less than two months after lawmakers extended the state’s cap-and-trade program, which requires companies to buy permits to emit greenhouse gases, until 2030.

The spending negotiations included more money than usual because some was left over from the previous fiscal year, held in reserve by Gov. Jerry Brown until cap and trade’s future was secure.

Here are some highlights on how the $1.5 billion would be spent if it passes the Legislature before it adjourns for the year at the end of the week.

— The biggest-ticket item is $895 million for new vehicles, a priority repeatedly highlighted by Senate Democrats. The money would flow through a variety of programs, including $140 million to the state's ports, $85 million for farm vehicles and $140 million for electric car rebates.