California ARB holding public consultation on investment of cap-and-trade auction proceeds
17 May 2012
California will be developing an investment plan for the auction proceeds from the cap-and-trade program to reduce greenhouse gases that contribute to climate change. As part of this process, the California Air Resources Board (ARB) is hosting a public consultation to solicit input from stakeholders and experts on the development of the plan.
The meeting will be held 24 May, from 1:30 p.m. to 5:00 p.m. at Cal/EPA Headquarters in Sacramento, California.
Representatives from the Administration and the Legislature have been invited to hear from two panels of speakers, followed by open public comment.
The first panel will examine how California can effectively invest the auction funds to meet the goals of Assembly Bill 32 (AB 32) including support of long-term, transformative efforts to improve public health and develop a clean energy economy.
The second panel will discuss what criteria should be prioritized in the development of an investment plan, and why.
The public is invited to share ideas on either or both of these questions at the meeting, or to submit written comments by 22 June 2012. Following the meeting, ARB will provide instructions on how to submit written comments and will make those written comments publicly available.
The Global Warming Solutions Act of 2006 (Chapter 488, Statutes of 2006 [AB 32, Núñez/Pavley]), requires California to reduce statewide greenhouse gas emissions to 1990 levels by 2020 and to maintain and continue reductions beyond 2020. As part of this effort, ARB has developed a cap-and-trade program.
The first auction is scheduled for November 2012 and auctions will be held on a quarterly basis thereafter through 2020.