California Governor Jerry Brown signed two bills over the weekend that set guidelines for how the state can spend an expected $1 billion-plus in annual revenue from its cap-and-trade system, according to the Sacramento Bee
The new laws require that the money be spent on improving air quality, with at least a quarter of the funds must go to projects that help reduce air pollution affecting "identified disadvantaged communities."
The bills “sets up the parameters” for how the state legislature, Department of Finance, and California regulators can allocate the money, according to Lauren Faber, West Coast political director with the Environmental Defense Fund.
California’s first cap-and-trade auction will take place on November 14.
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