Extends California Cap-and-Invest Program through 2045, updates regulations, and allocates revenues.

This bill extends the California Cap-and-Invest Program, a market-based compliance mechanism for reducing greenhouse gas emissions, through December 31, 2045. It mandates the State Air Resources Board to adopt regulations achieving maximum feasible and cost-effective reductions in greenhouse gas emissions. The bill also requires the California Public Utilities Commission to credit revenues from greenhouse gas allowances directly to residential customers, with exceptions for small businesses and certain retail customers.

Extends California Cap-and-Invest Program through 2045, updates regulations, and allocates revenues.

This bill extends the California Cap-and-Invest Program, a market-based compliance mechanism for reducing greenhouse gas emissions, through December 31, 2045. It mandates the State Air Resources Board to adopt regulations achieving maximum feasible and cost-effective reductions in greenhouse gas emissions. The bill also requires the California Public Utilities Commission to credit revenues from greenhouse gas allowances directly to residential customers, with exceptions for small businesses and certain retail customers.