On May 29, the California State Assembly passed AB 1532, authored by John A. Pérez, 47-26, in favor of creating a Greenhouse Gas Reduction Account. Because Pérez is the Assembly speaker he was able to avoid the Appropriations Committee’s suspense file and push the bill to the Assembly floor for a vote.
The bill requires the monies generated from the Cap-and-Trade program are spent pursuant to the precepts contained in AB 32. However, the bill doesn’t provide precise spending targets. The spending criterion that is present includes investments in research and development, energy efficiency programs and land restoration.
The California Air Resources Board (CARB) and the state’s Department of Finance will provide recommendations to the legislature to determine specific spending in the coming months. This bill is one of many in the state legislature regarding the expenditure of revenue from the cap-and-trade program.
California League Of Food Producers