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Senate committee advances AB 1207 to reauthorize, rename California’s cap-and-trade program through 2045
Summary
The Senate Environmental Quality Committee voted to advance AB 1207 (5–1) after oral testimony from the bill author, environmental groups and business opponents. The bill would reauthorize California’s cap-and-trade program through 2045, rename it “cap and invest,” adjust allowance allocations and increase legislative oversight of CARB.
Assemblymember Erwin told the Senate Environmental Quality Committee that AB 1207 would “reauthorizes California's cap and trade program” and extend it through 2045, while renaming it “cap and invest” to reflect revenue investments in housing, transit, wildfire prevention and other programs.
The bill’s author said AB 1207 also redirects some allowance value currently tied to natural gas utilities to increase electric climate credits, prioritizes affordability in CARB rulemaking, requires economic analyses for regulatory updates and mandates annual oversight hearings on how greenhouse‑gas reduction funds are spent.
“This bill is a compromise. No 1 loves all of it, but it is a good compromise,”…
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