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Cap-And-Trade Auction Update and GGRF Projections


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The 2022-23 Budget: Cap-and-Trade Expenditure Plan

January 25, 2022 - In this post, we describe the Governor's cap-and-trade expenditure plan, evaluate the revenue assumptions used to determine the amount of funding available, and identify issues for legislative consideration.

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The 2022-23 Budget: Cap-and-Trade Revenue Update

April 29, 2022 - This budget post provides an update on cap-and-trade revenue and resources available for discretionary spending.

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[PDF] 2017-18 Cap-and-Trade Expenditure Plan

August 23, 2017 - Presented to Assembly Budget Subcommittee No. 3 on Resources and Transportation

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[PDF] 2017-18 Cap-and-Trade Expenditure Plan

August 24, 2017 - Presented to Senate Budget and Fiscal Review, Subcommittee No. 2

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[PDF] The 2021-22 Budget: Cap-and-Trade Expenditure Plan

February 10, 2021 - This publication analyzes the Governor's cap-and-trade expenditure plan, which includes "early action" discretionary spending of $624 million in 2020-21, as well as $745 million in 2021-22.

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The 2022-23 Budget: The Governor's Housing Plan

February 14, 2022 - Provides an update on some major recent state budget actions related to housing, describes the Governor’s housing budget proposals, and raises issues for the Legislature’s consideration.

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[PDF] The 2020-21 Budget: Climate Change Proposals

February 13, 2020 - This report assesses the Governor’s major 2020-21 budget proposals related to climate change. The four proposals we evaluate are the Governor's (1) cap-and-trade expenditure plan ($965 million), (2) expanded climate adaptation research and technical assistance activities ($25 million), (3) new Climate Catalyst loan fund ($250 million), and (4) climate bond ($4.75 billion).

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[PDF] The 2018-19 Budget: Resources and Environmental Protection

February 14, 2018 - In this report, we assess many of the Governor’s budget proposals in the resources and environmental protection areas and recommend various changes. Below, we summarize our major findings and recommendations. We provide a complete listing of our recommendations at the end of this report.

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[PDF] The 2022-23 Budget: Initial Comments on the Governor's May Revision

May 16, 2022 - On May 13, 2022, Governor Newsom presented a revised state budget proposal to the Legislature. (This annual proposed revised budget is called the “May Revision.”) In this brief, we provide a summary of the Governor's revised budget, focusing on the overall condition and structure of the state General Fund—the budget's main operating account. In the coming days, we will analyze the plan in more detail and provide additional comments in hearing testimony and online. The information presented in this brief is based on our best understanding of the administration's proposals as of 11:00 AM, May 14, 2022. In many areas of the budget, this understanding will continue to evolve as we receive more information. We only plan to update this brief for very significant changes (that is, those greater than $500 million).

Update (5/20/22): Updated to reflect information about state appropriations limit (SAL) excluded spending and other budget proposals.

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[PDF] Cap-and-Trade Extension: Issues for Legislative Oversight

December 12, 2017 - In this report, we (1) provide background information on cap‑and‑trade and the recent extension of the program to 2030, (2) identify key administrative implementation decisions that could affect program outcomes and the need for legislative oversight, (3) identify potential opportunities to increase the effectiveness of a new advisory committee created by AB 398, and (4) describe potential state cap‑and‑trade revenue scenarios through 2030.

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[PDF] The 2014-15 Budget: Cap-and-Trade Auction Revenue Expenditure Plan

February 24, 2014 - In order to minimize the negative economic impact of cap-and-trade, it is important that auction revenues be invested in a way that maximizes GHG emission reductions for a given level of spending. In reviewing the Governor's proposed expenditure plan, we find that there is significant uncertainty regarding the degree to which each investment proposed for funding will achieve GHG reductions. This uncertainty is the result of several factors, including there being only limited data and analysis provided by the administration, as well as the fact that the level of emission reductions achieved would depend on the specific projects funded by departments. Given these concerns, we recommend that the Legislature direct ARB to develop metrics for departments to use in order to prospectively evaluate the potential GHG emission benefits of proposed projects, as well as direct the board to establish a set of guidelines for how departments should incorporate these metrics into their decision making processes.