"Gov. Gavin Newsom on Friday signed a sweeping package of climate and environment bills aimed at reducing the cost of electricity, stabilizing gasoline prices and propping up California's struggling oil industry. At a bill signing ceremony at the California Academy of Sciences in San Francisco, Newsom told state lawmakers and representatives from labor, business, climate and energy groups that the package was a compromise, designed to push California toward a clean-energy future while still ensuring the state has enough affordable gasoline to meet drivers' needs."
"The bills signed into law include an extension of the state's nation-leading cap-and-trade program through 2045. The program, rebranded as cap-and-invest, limits greenhouse gas emissions and raises billions for the state's climate priorities by allowing large polluters to buy and sell their unused emission allowances at quarterly auctions. The cap-and-invest program should funnel up to $60 billion through 2045 into lowering utility bill costs for California households and small businesses during months when prices spike, officials said."
A sweeping package of climate and environment bills was signed to reduce electricity costs, stabilize gasoline prices and support the state oil industry. The package extends the cap-and-trade program through 2045, rebranding it as cap-and-invest to limit greenhouse gas emissions and raise funds via quarterly allowance auctions. Up to $60 billion through 2045 is allocated to lower utility bills during price spikes, with additional billions directed to transportation projects. California has reduced greenhouse gas emissions by 20% since 2000 while its GDP rose 78%. One controversial measure allows expanded oil drilling in Kern County.
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