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Senators present SB 840 to reform offsets, boost oversight and dedicate billions in cap‑and‑invest funds including $250M for AB 617
Summary
Senator Limon presented SB 840 (reported as SB 8 40) to tighten offset rules, create additional legislative oversight and dedicate program revenue to transit, affordable housing, AB 617 and other priorities. The bill drew broad support from environmental groups, labor and many local agencies at the committee hearing.
Senator Limon told the committee SB 840 would reform the offset program by placing offsets under the emissions cap, require CARB to update offset protocols every five years and require offsets to provide direct and demonstrable environmental benefits to Californians.
SB 840, presented as part of the cap‑and‑invest reauthorization package, would create a legislative Climate Bureau within the Office of Legislative Counsel to provide independent analysis of program implementation. The bill also directs large, multi‑year funding commitments from auction proceeds: testimony and…
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