Over the past decade, a signature California program that charges polluters for their planet-heating emissions has generated billions of dollars for state initiatives, and Gov. Gavin Newsom said Wednesday that these revenues are effectively helping to reduce pollution and combat climate change.
“This is the backbone of our climate funding in this state,” Newsom said during a call with reporters. “It’s a point of deep pride that we continue to be a model for the rest of the nation, and for that matter, around the world.”
Speaking days before a planned trip to the Vatican, where he is scheduled to attend a climate change conference hosted by Pope Francis, Newsom touted the cap-and-trade program’s successes since 2014. State officials presented a report detailing $11 billion in implemented projects, as well as $17 billion in funding slated for additional projects.
Funds generated by the auctioning of pollution allowances have gone toward projects such as California’s high-speed rail, low-carbon public transit, rebates for those who buy electric vehicles, efforts to capture methane emitted by dairy cows, land conservation and tree-planting, and construction of affordable housing.
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