Lawmakers Approve Last-Minute Deal to Direct Cap-and-Trade Funding to Low/Zero-Emission Vehicles, Green Spaces, Affordable Housing and More

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In the closing hours of the legislative year, lawmakers approved a last-minute deal Wednesday to free up hundreds of millions of dollars from the state’s cap-and-trade program to fund green projects across the state. Under the agreement, which broke a two-year impasse, the state will spend $900 million on programs to reduce greenhouse gas emissions — nearly two-thirds of $1.4 billion that has been raised but was tied up unspent in a political stalemate. The money will go toward subsidies for electric cars, new park space and pedestrian-friendly affordable housing. California’s 4-year old cap-and-trade program raises money from businesses that purchase permits to pollute. Continue reading from the Los Angeles Times, here.

For more on cap and trade funding planning and projects (including reporting on existing projects), click here.

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