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Assembly subcommittee opens broad review of GGRF reauthorization, data and policy choices
Summary
A California Assembly Budget subcommittee heard analysts, academics and state agencies on how to reshape the Greenhouse Gas Reduction Fund (GGRF) in a reauthorization that will affect program design, who receives allowances and whether funds should be continuously appropriated.
Chair Robert Rivas (Chair Bennett in transcript) opened a Budget Subcommittee No. 4 hearing that framed reauthorization of the Greenhouse Gas Reduction Fund (GGRF) as a once-in-a-decade decision on how California should spend auction proceeds from the state cap-and-trade program.
The hearing brought prepared briefings from the Legislative Analyst's Office (LAO), academic panelists and staff from state agencies, and more than 20 public commenters. The LAO warned revenues are volatile and urged members to weigh tradeoffs between stable, statutory continuous appropriations and legislative oversight. LAO analyst Helen Kerstein told the committee that GGRF receipts have varied from roughly $2 billion to $5 billion annually and that program design choices — including how many allowances are given away for free — will materially affect the fund available to the legislature.
Economist Kyle Meng of UC Santa Barbara told members the cap-and-trade market itself is the most cost-effective means of reducing emissions in regulated sectors and that GGRF spending should prioritize…
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