Governor Gavin Newsom today expressed strong support for the California Air Resources Board’s (CARB) recently adopted updates to the state’s Cap-and-Invest Program, following their proposal earlier this year.
These updates, which follow the program's extension through 2045 last year, aim to balance affordability, job creation, and near-term economic concerns with long-term emissions reductions and climate protection.
Governor Newsom said, “California’s nation-leading Cap-and-Invest program has proven that we can cut pollution, create jobs, and invest in a cleaner future at the same time. These are real results that Californians can see and feel.” He further applauded CARB’s commitment, noting California's focus on protecting its economy, safeguarding public health, and advancing clean energy amidst federal “chaos and uncertainty.”
The Cap-and-Invest Program, a cornerstone of California's two-decade effort against climate pollution, sets a declining limit on emissions for major polluters, covering 80% of the state’s total climate emissions. It mandates that polluters exceeding this limit invest in projects benefiting Californians, stimulating billions in clean energy and other vital investments.
The program has already helped California achieve its 2020 climate target six years early, generated $35 billion for climate investments, funded over half a million projects, supported 30,000 jobs, and delivered $16 billion in utility bill credits. These updates ensure California remains on track for its 2030 and 2045 climate targets while managing costs and maintaining investment signals, continuing its leadership in climate policy.