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WHAT YOU NEED TO KNOW: California’s cap-and-trade program has funded $28 billion in climate investments – delivering more than half a million projects across the state, supporting 30,000 jobs and cutting millions of tons of carbon emissions.
SACRAMENTO – In just 10 years, California’s climate investments have wiped out emissions equivalent to taking 80% of the state’s gas cars off the road. That’s according to a new report released today by the state, which comes just ahead of national Infrastructure Week.
California has funded $28 billion in climate investments in the last 10 years, already delivering $11 billion to more than half a million projects that fight climate change and cut pollution. The remaining $17 billion will fund more projects in the coming years. The investments include a wide range of solutions such as putting affordable housing near job centers, building the nation’s first high-speed rail, and adding zero-emission transportation options in underserved communities.
The funding comes from the state’s cap-and-trade program, which charges polluters for the carbon emissions they create in the state. The dollars collected then go to the California Climate Investments (CCI) program, which delivers the funds to communities across the state.
About 76% of project funds have been spent in underserved and low-income communities that face the greatest environmental burdens from pollution. CCI projects funded over the last decade have supported 30,000 jobs and are expected to reduce 109 million metric tons of greenhouse gas emissions, which is the equivalent of removing 25 million cars off California’s roads – representing 80% of the state’s total gas-powered cars currently on the roads.
Coupled with Governor Gavin Newsom’s historic California Climate Commitment investments, CCI is an example of California’s world-leading commitment to tackle environmental challenges head on and ensure that the benefits reach those who are often hit first and worst. Working across 24 state agencies, the program supports a diversity of projects that have proven impacts in reducing greenhouse gas emissions to support California’s goals of reaching carbon neutrality by 2045. Find more projects building California’s climate-friendly future at build.ca.gov.
Governor Gavin Newsom
Over 10 years, CCI has funded more than half a million projects across the state that have resulted in:
“California Climate Investments is an example of the urgency that the state is placing on solving pressing environmental challenges, backed by $28 billion in funding and guided by a commitment to equity so that no one is left behind as we work toward a healthier future,” said CARB Chair Liane Randolph. “In 10 years, we have accomplished a significant amount of progress in reducing greenhouse gas emissions and California is well on its way to achieve carbon neutrality and clean air.”
Examples of the comprehensive investments that provide emissions reductions, public health benefits and economic growth include:
In 2023 alone, California Climate Investments implemented nearly 17,000 new projects through $1.7 billion in funding, with 85% of project dollars directly benefiting disadvantaged communities and low-income communities and households. Projects implemented in 2023 are expected to reduce 14.7 million metric tons of greenhouse gas emissions over project lifetimes, with investments in low carbon transit, land conservation and restoration, dairy methane reduction practices, and affordable housing projects driving most of the expected reductions.
Copyright State of California