California’s Climate Investment Reached $2 Billion in 2019: CARB

California’s Climate Investments initiative funded nearly $2 billion in clean air and low-carbon projects implemented statewide in 2019, according to an April 22 press release from the Air Resource Board. Last year marked the program’s single largest annual investment in the state’s priority populations, with more than $1 billion of new projects benefiting disadvantaged and low-income communities, the board said.

As of the end of 2019, more than 20 state agencies and departments were involved in program development, project selection, and implementation of 68 programs under the initiative. Cumulatively, $5.3 billion in projects have been implemented across the state, with 57 percent of those investments benefiting the state’s priority populations.

Projects implemented through 2019 are expected to reduce greenhouse emissions by 44.7 million metric tons of carbon dioxide equivalent. The awarded projects are expected to support approximately 10,500 jobs.

The statewide initiative invests billions of dollars in cap-and-trade auction proceeds to reduce greenhouse gas emissions, strengthen the economy, and improve public health and the environment. To date, auctions have raised $12.5 billion for the Greenhouse Gas Reduction Fund, with almost $12.7 billion appropriated for the Climate Investments programs.