The 2026-27 Budget: Cap-and-Invest Expenditure Plan

Feb 10, 2026 - Most notably, because including state operations expenditures as part of Tier 1 means they receive first priority for available GGRF, adding new activities to this category can have the effect of gradually “crowding out ” other GGRF ‑funded programs and activities.
https://lao.ca.gov/Publications/Report/5114

Overview of New Updates to the Cap-and-Invest Program

Dec 9, 2025 - If CARB were to set a relatively low ceiling price, it would help limit the costs of the program on businesses and households —improving affordability —but would also increase the likelihood that prices reach the ceiling.
https://lao.ca.gov/Publications/Report/5097

The 2026-27 Budget: Governor’s Sustainable Aviation Fuel Tax Credit Proposal

Feb 24, 2026 - There also are a number of other refiners in the United States that currently produce RD and could, with the purchase of some ad ditional equipment, be converted to produce SAF in addition to, or instead of, RD.
https://lao.ca.gov/Publications/Report/5139

The 2025-26 Budget: Cap-and-Trade Reauthorization and Greenhouse Gas Reduction Fund Proposals at May Revision

May 19, 2025 - For example, as we discussed in our recent report, to the extent that affordability is a key priority for the Legislature —particularly in the event that allowance prices and consumer price impacts increase —it could use GGRF to provide rebates to households or offset ratepayer costs.
https://lao.ca.gov/Publications/Report/5049

California’s Cap-and-Trade Program: Frequently Asked Questions

Oct 24, 2023 - CARB sets a “floor price ” (minimum price) for which an allowance can be sold, but historically allowances frequently have sold above that price due to buyer interest. For example, in the August 2023 auction, CARB set the per-allowance floor price at $22.21 but allowances ultimately sold for $35.22 each.
https://lao.ca.gov/Publications/Report/4811

The 2026-27 Budget: Proposed Zero-Emission Vehicle Incentive

Feb 24, 2026 - Moreover, given the opaque nature of vehicle pricing, we expect that ensuring that incentives are passed on to consumers, rather than retained (at least to some degree) by manufacturers or vehicle dealers, will be difficult.
https://lao.ca.gov/Publications/Report/5140

Cap-and-Invest: November 2025 Auction Update and 2026-27 Budget Context

Dec 9, 2025 - Both the allowance prices and number of allowances sold were similar across the two auctions. (In both auctions, all the state-owned allowances offered for sale were purchased.) …Continuing to Come in Slightly Below 2025-26 Budget Act Assumptions.
https://lao.ca.gov/Publications/Report/5096

Assessing California’s Climate Policies—Cap-and-Trade Reauthorization

May 7, 2025 - If Allowance Prices Were to Reach the Price Ceiling, Consumer Impacts Would Be Much Larger. Some recent modeling suggests that reauthorization likely will put upward pressure on prices and potentially lead to them reaching the price ceiling over the next several years.
https://lao.ca.gov/Publications/Report/5042

The 2025-26 Budget: Cap-and-Trade Expenditure Plan

Feb 12, 2025 - However, the past two auctions have reflected some weakening in allowance prices compared to the auctions that took place during the prior year. Specifically, DOF projected 2024 ‑25 auction prices of about $38  per allowance, but actual prices at the first two quarterly auctions of the fiscal year were roughly $31.
https://lao.ca.gov/Publications/Report/4960

The Bay-Delta Plan and Voluntary Agreements: Ensuring Effective Legislative Oversight

Mar 18, 2026 - The state added the doubling goal as a narrative water quality objective in the 1995 Bay ‑Delta Plan. Doubling natural production relative to the average annual 1967 ‑1991 baseline would mean nearly 900,000 naturally produced salmon annually.
https://lao.ca.gov/Publications/Report/5163