Supporting Legislation on Investment of California Cap & Trade Funds
CALSTART, a consortium of clean transportation technology companies, is urging the legislature to support quick passage of legislation that would invest the revenues collected from the state’s greenhouse gas cap and trade program. Legislation was recently introduced with the support of Senate leadership that would allocate $1.2 billion in programs to reduce greenhouse gas emissions.
Assembly Bill 1613, which was significantly amended by the California State Senate budget committee, would provide $400 million in direct funding for clean transportation programs. The proposed funding is targeted at growing the market for cleaner, lower carbon cars, trucks, and buses in California. The revenues proposed for allocation were secured during auctions that occurred in 2015 and early 2016.
“We applaud the action by the Senate leadership to move ahead and allocate these funds,” said CALSTART President and CEO, John Boesel. “Every dollar allocated to the transportation sector will have a direct air quality impact. Taking action to invest these funds now will move us faster to a future where all Californians can breathe clean air. In addition to the environmental and public health benefits, these climate investments will spur job growth and economic development in California. The proposed low carbon transportation investments will result in increased manufacturing of electric cars, trucks, and buses in California.”
In a report released earlier this month, CALSTART identified numerous areas where California clean transportation technology companies are growing at a rapid rate. The report also found that the state’s policies and investments are encouraging other companies to move to or expand in California.
The report, “California’s Clean Transportation Technology Industry: Time to Shift into High Gear,” profiles the development of a burgeoning manufacturing sector that is producing zero- and near-zero emission light, medium, and heavy duty vehicles, as well as clean fuels, engines, vehicle components, and new mobility services.
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