To guide the investment of Cap-and-Trade auction proceeds, the Department of Finance, in consultation with the California Air Resources Board (CARB) and other State agencies (Administration), is required to submit an Investment Plan to the Legislature every three years. The Investment Plan identifies priority investments that will help California achieve its greenhouse gas (GHG) emission reduction goals while realizing additional health, economic, and environmental benefits. Priority investment types identified in the Investment Plan do not guarantee funding but rather provide guidance to the Legislature on potential funding opportunities.
Due to a change to the underlying statutory requirement for the Investment Plan, the Department of Finance and CARB did not release an updated Investment Plan. Learn more and view previous Investment Plans in the Investment Plan Archive.
Current Investment Plan
Fourth Investment Plan for Fiscal Years 2022-23 through 2024-25
The Cap-and-Trade Auction Proceeds Fourth Investment Plan (Fourth Investment Plan) for Fiscal Years 2022-23 through 2024-25 was submitted to the Legislature in January 2022. The Fourth Investment Plan includes six recommendations designed to guide the investment of Cap-and-Trade auction proceeds in a way that accelerates greenhouse gas emission reductions, supports a carbon-neutral future, and achieves the state’s interconnected climate, environmental, equity, public health, and economic goals.
Board Meeting Materials:
Public Comment:
Workshop Materials:
February 23, 2021
September 2, 2021