Annual Report is Released Detailing 2015-16 Cap and Trade Auction Proceed Expenditures

California’s Department of Finance has released an Annual Report detailing the outcomes of close to $2.6 billion appropriated from Greenhouse Gas Reduction Fund (GGRF) to state agencies in 2015 and 2016. $1.7 billion has been allocated to greenhouse gas (GHG)-reducing programs and projects expected to save 14.3 million tons of GHGs, with investments in high speed rail representing an additional 44 million tons saved. 51% of these projects benefit disadvantaged communities and 39% of the projects are located in disadvantaged communities. (California is required by SB535 to ensure a minimum of 25% of California Climate Investment-funded projects benefit disadvantaged communities, with a minimum of 10% of projects located in disadvantaged communities.)

Read the Annual Report in full on the California Air Resources Board website, here.

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