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auctionproceeds -- ARB Guidance on the Investment of Cap-and-Trade Auction Proceeds to Benefit Disadvantaged Communities
Posted: 17 Sep 2014 16:18:38
REVISED ARB INTERIM GUIDANCE FOR AGENCIES ADMINISTERING AUCTION PROCEEDS. Air Resources Board (ARB) staff has posted a Revised Draft of its Interim Guidance for Investments to Benefit Disadvantaged Communities (Interim Guidance) to the main auction proceeds website (link below). This document provides guidance and criteria for State agencies on maximizing auction proceeds investment benefits in disadvantaged communities and determining which projects count as benefiting those communities. Staff discussed the previous draft of the Interim Guidance at three public workshops (Fresno, Los Angeles and Oakland) and a public briefing (Mecca) in August and early September 2014. This revised document includes the amendments proposed by staff in response to workshop comments and subsequent written comments. The revised document will be presented to the California Air Resources Board to be considered for approval at the September 18, 2014 hearing, beginning at approximately 9:30am. The revised Interim Guidance for Investments to Benefit Disadvantaged Communities is available at: http://www.arb.ca.gov/auctionproceeds. More information on the September 18, 2014 hearing is available at: http://www.arb.ca.gov/board/meetings.htm BACKGROUND: AB 32, the California Global Warming Solutions Act of 2006 (Assembly Bill 32 (AB 32); Nunez, Chapter 488, Statutes of 2006) is a comprehensive, multi-year program to reduce greenhouse gas (GHG) emissions in California. ARB has adopted a Scoping Plan and, together with other State and local agencies, has developed and implemented numerous regulations and programs, including the Cap-and-Trade Program to reduce emissions to meet AB 32 goals. Any expenditure of State proceeds from the Cap-and-Trade auctions must comply with legislative requirements. These investments must reduce greenhouse gas emissions and further the purposes of AB 32. State law directs CalEPA to identify disadvantaged communities for investment of Cap-and-Trade auction proceeds. Senate Bill (SB) 535 (De León, Chapter 830, Statute of 2012) requires that at least 25 percent of the proceeds be invested in projects that benefit disadvantaged communities and at least 10 percent be invested in projects located within those communities. State law also directs ARB to develop guidance for State agencies on approaches to maximize benefits to disadvantaged communities. California is in a drought emergency. Visit www.SaveOurH2O.org for water conservation tips.