California: ICYMI: 287,000 jobs and $55 billion in economic growth on the line with key climate program’s extension
The Californer/10320342

Trending...
~ In a recent press release, it was announced that Governor Gavin Newsom and legislative leaders are working on extending California's Cap-and-Invest program, also known as Cap-and-Trade. This program has been deemed critical to the state's economic future, with reports showing that uncertainty surrounding its extension is costing the state billions.

According to a study released by the Environmental Defense Fund and Greenline Insights, extending Cap-and-Invest through 2045 is expected to generate 287,000 jobs, $55 billion in economic growth, and $232 million in net savings for households. This extension is also estimated to raise a minimum of $47 billion for California Climate Investments. These numbers build upon the program's success in the last 10 years, where it has already invested $28 billion and reduced emissions equivalent to taking 80% of gas cars off the road.

However, another report released this week by Clean and Prosperous California highlights the urgency for extending the program this year. The report states that due to poor auction results caused by uncertainty over legislative extension, the program has lost up to $3 billion in potential revenue in the past year. The report predicts that California will continue losing between $600 million and $1 billion in revenue from each quarterly auction until the cap-and-trade program is reauthorized.

More on The Californer
Governor Newsom, along with Assembly Speaker Robert Rivas and Senate Pro Tempore Mike McGuire, have emphasized the success of Cap-and-Trade and their commitment to extending it this year. In April, they stated that "Cap-and-trade is a huge success and, working together, we'll demonstrate real climate leadership that will attract investment and innovation to deliver the technologies of tomorrow, right here in California."

In other news related to Governor Newsom's actions this week, he responded to President Trump's decision to defund America's only high-speed rail project by stating that all options are being considered to fight against this action. Additionally, Governor Newsom announced appointments to various positions, including Jennifer Osborn as Director of the California Department of Industrial Relations. He also visited local businesses in the Los Angeles area impacted by federal immigration raids and called on Trump to end the deployment of soldiers while sharing resources for community members to know their rights.

As California continues to prioritize its climate goals and economic growth, the extension of Cap-and-Trade remains a crucial step in achieving these objectives. With billions at stake and uncertainty causing potential revenue loss, Governor Newsom and legislative leaders are working towards securing the future of this program for the state.

Filed Under: Government, State
Show All News | Report Violation

0 Comments

Latest on The Californer