Environment & Energy Report

California Budget Deal Scraps Formal Cap-and-Trade Review

June 23, 2020, 7:55 PM

California’s Legislature and governor have agreed to a nearly $134 billion general fund spending plan, with negotiations scrapping a formal review of the cap-and-trade program and slashing funding for staff at a newly reorganized oil and gas development oversight agency.

While the new budget deal still kills $250 million to create a Climate Catalyst Fund to encourage investment and innovation, the negotiated plan establishes a revolving loan fund to take in money for loans from private sources and governments other than those affiliated with the state.

The Legislature passed bills to enact policy provisions of the spending plan on...

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