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auctionproceeds -- Concept Paper Cap-and-Trade Auction Proceeds Posted: 15 Feb 2013 18:00:52
We have posted the Administration’s Draft Concept Paper on Cap-and-Trade Auction Proceeds at: http://www.arb.ca.gov/cc/capandtrade/auctionproceeds/workshops/concept_paper.pdf. The purpose of this concept paper is to aid public discussion regarding development of the first Administration investment plan for Cap-and-Trade auction proceeds. This concept paper discusses the applicable requirements and preliminary priorities for investing the auction proceeds in programs and projects that help achieve greenhouse gas reduction goals. Further information on the investment of the State portion of the auction proceeds, including the detailed notice for these workshops is available at: http://www.arb.ca.gov/cc/capandtrade/auctionproceeds/auctionproceeds.htm La versión en español del aviso del taller esta disponible aquí: http://www.arb.ca.gov/cc/capandtrade/auctionproceeds/workshops/notice_1_31_spanish.pdf ACCOMODATION: If you require a special accommodation or need this document in an alternate format (i.e. Braille, large print) or another language, please contact Ms. Heather Jackson at (916) 322-8267 or email@example.com as soon as possible, but no later than 10 business days before the scheduled meeting. TTY/TDD/Speech to Speech users may dial 711 for the California Relay Service. BACKGROUND: Assembly Bill (AB) 32, the California Global Warming Solutions Act of 2006, requires California to reduce statewide GHG emissions to 1990 levels by 2020 and to maintain and continue reductions beyond 2020. As part of this effort, the Air Resources Board (ARB) has developed a Cap-and-Trade program that limits statewide emissions from sources responsible for 85 percent of greenhouse gases and creates a financial incentive for clean and efficient technologies. Under the program, a portion of the allowances required for compliance are auctioned. The State portion of the proceeds from these auctions will be used to fund projects to reduce greenhouse gas emissions, consistent with State law. In September 2012, the Legislature passed and Governor Brown signed into law two bills – AB 1532 (Pérez, Chapter 807) and Senate Bill (SB) 535 (De León, Chapter 830) – that together establish a framework for developing an investment plan for projects and programs to be funded with Cap-and-Trade auction proceeds. SB 535 further requires that 25 percent of the proceeds that will be expended benefit disadvantaged communities and at least 10 percent of the proceeds expended be invested in projects located within those communities. The Department of Finance (Finance), in consultation with the ARB and other state entities, will develop and submit to the Legislature a three-year investment plan for the auction proceeds. The investment plan will identify the State’s greenhouse gas reduction goals and priority programs for investment of proceeds to support achievement of those goals. Funding will be appropriated to State agencies by the Legislature and Governor through the annual Budget Act, consistent with the plan.