AB 1657 would dedicate state cap-and-trade proceeds to projects that make California’s ports greener and more energy efficient. The goal of the legislation is to fund equipment and infrastructure upgrades that help transition the state’s ports to renewable technologies.
California’s cap-and-trade program offers economic incentives in exchange for businesses cutting greenhouse gas emissions. Current law provides financial assistance for energy efficient improvements and investments to several public entities in the state, including education, cities and counties, and utilities. However, despite the fact that California will distribute over $3 billion in cap-and-trade revenue, there is no port specific program for those dollars. This law would correct that.
