Newsom touts billions in climate spending through California’s cap-and-trade program
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. … The program has also supported projects intended to reduce wildfire risk by thinning vegetation and restoring degraded forests. … Another issue that has generated criticism is the fact that about 65% of the annual cap-and-trade revenues must be dedicated each year to several programs, with 25% going to high-speed rail and the remainder split between affordable housing, transit and rail, low-carbon transit operations, and safe drinking water.
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