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CARB outlines Cap and Invest amendments as legislators press for faster action and clarity on allocations
Summary
At a joint legislative hearing, California Air Resources Board officials defended draft amendments to the Cap and Invest program, committing to a May board timeline and describing measures to protect ratepayers while acknowledging trade-offs between allowance allocations for utilities, industry, and the Greenhouse Gas Reduction Fund.
California Air Resources Board officials told a joint legislative committee Feb. 25 that proposed amendments to the state’s Cap and Invest program are intended to uphold the program’s climate goals while protecting household affordability and market stability.
Chair Sanchez and Deputy Executive Officer Reginder Sahota said CARB’s draft updates implement provisions of last year’s reauthorization—Assembly Bill 1207 and Senate Bill 840—and include steps to extend allowance budgeting beyond 2030, retire allowances used for offsets, and transfer free allowances from natural gas utilities to electric utilities to support electrification.
“Cap and Invest has been operating successfully for 13 years with nearly 100% compliance,” Chair Sanchez said, citing the program’s record of meeting California’s 2020 climate target early and directing…
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