CALIFORNIA:California is starting to dole out nearly $2.2 billion generated by its cap-and-trade program to cut carbon emissions, allocating funds to hundreds of projects. Winners include regional rail, electric car rebates and rooftop solar for low-income residents. Revenue from auctions of pollution permits under the system has bolstered the state’s budget.
A database compiled by Climate Wire shows for the first time precisely where funds have been directed.It reveals that more than $1.4 billion has been pledged to more than 350 recipients.The biggest beneficiary is the state’s high-speed rail line, which so far has reaped $750 million. Transit agencies in the San Francisco and greater Los Angeles regions each garnered $41 million.
A reclamation district in Sacramento County received $10.4 million to build wetlands. Other recipients include cities, water districts, affordable home developers, trash companies, environmental groups, schools, farms and individuals. There’s money for reduced bus fares for Mendocino College students, for bicycle racks in Los Angeles, for a trash-composting operation in Fresno County, and to plant more trees in urban areas.Big business is getting an indirect financial boost.
The Golden State under its economy wide trading system auctions pollution permits to businesses that need them to cover high greenhouse gas emissions. Those started at $10 a carbon ton and now run about $12. Sales of those have reaped nearly $2.2 billion through May, not including the portion that is controlled by the Public Utilities Commission and returned to utility ratepayers.
