Dec 12 - Groups To Governor: Repay Cap And Trade Loan
With a forecast surplus in the state’s budget, Governor Brown is now being urged to repay a $500 million loan that was diverted from the state’s Cap and Trade auction proceeds in the program developed under AB 32.
The funds were diverted to the general fund in the last fiscal year, but with a surplus now being anticipated, groups including CAW, are urging the Governor to repay the loan and invest these and future proceeds, as required by law, in projects that grow the economy, create jobs in disadvantaged communities, reduce carbon pollution and improve air quality.
According to the Sacramento Bee:
Brown "has actually talked a lot about the urgency of addressing climate change and we agree with him on that. Now we need him to put our money where his mouth is," said Bill Magavern, policy director at Coalition for Clean Air.
CAW joined a diverse membership in the California Business Alliance for a Green Economy as signatories to a letter making the request official. Alliance Director, Susan Frank said in a statement:
California has an historic opportunity to make the investments that will build up our businesses and our communities, and cement California’s position as a global leader in the clean economy. It also happens to be the right thing to do.
Read the letter sent to the Governor here.