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.
Newsom said these investments show “what’s possible when polluters are forced to pay.” He said billions of dollars in additional investments will “continue to build the climate projects we need, faster.” In 2023, the program provided $1.7 billion for thousands of new projects, among them investments in low carbon transit, land conservation, methane reduction at dairies and affordable housing projects.