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auctionproceeds -- The Cap-and-Trade Auction Proceeds Draft Concept Paper for the Second Investment Plan is now available.
Posted: 28 Jul 2015 18:08:35
This Draft Concept Paper for the Second Investment Plan presents preliminary high level ideas for public discussion to inform development of the Second Investment Plan covering Fiscal Years 2016-17 through 2018-19. It does not propose any specific funding levels or percentage allocations – those decisions are made by the Legislature in the annual State Budget process to appropriate moneys from the Greenhouse Gas Reduction Fund (GGRF). The Second Investment Plan is due to the Legislature in January 2016 to serve as a resource for investment decisions as part of the 2016-17 and later State Budgets. It does not affect the Legislature’s consideration of 2015 16 GGRF appropriations. To guide the investment of Cap-and-Trade auction proceeds, the Department of Finance, in consultation with the Air Resources Board and other State agencies, is required to submit a three year Investment Plan to the Legislature that identifies investments to help California achieve its greenhouse gas reduction goals, while realizing additional health, economic, and environmental benefits. The Concept Paper for the Second Investment Plan is posted at: http://www.arb.ca.gov/investmentplan. At a series of public workshops throughout the State (August 3-13, 2015; http://www.arb.ca.gov/cc/capandtrade/auctionproceeds/upcomingevents.htm), staff will introduce the draft concepts and respond to questions to aid stakeholders in developing written comments. Written comments are due by September 1, 2015 and may be submitted electronically at: http://www.arb.ca.gov/lispub/comm2/bcsubform.php?listname=investplan2015-ws&comm_period=1. At the workshops, staff will also discuss ARB’s Draft Funding Guidelines for Agencies that Administer California Climate Investments. The Guidelines and a short supplement are currently available at: http://www.arb.ca.gov/cc/capandtrade/auctionproceeds/fundingguidelines.htm. Written comments are due by August 14, 2015, may be submitted electronically at: http://www.arb.ca.gov/lispub/comm2/bcsubform.php?listname=ggrf-guidelines-ws&comm_period=1. For additional information on the State’s investment of Cap-and-Trade auction proceeds, please visit: http://www.arb.ca.gov/auctionproceeds. BACKGROUND: Assembly Bill 32, the California Global Warming Solutions Act of 2006 (AB 32; Nunez, Chapter 488, Statutes of 2006) is a comprehensive, multi-year program to reduce greenhouse gas emissions in California. The Air Resources Board 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 Auction Proceeds Program to reduce emissions to meet AB 32 goals. California is in a drought emergency. Visit www.SaveOurH2O.org for water conservation tips.