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arbcombo -- Release of Interim SB 535 Guidance on Cap-and-Trade Auction Proceeds: Investments to Benefit Disadvantaged Communities
Posted: 05 Nov 2014 09:31:35
The Air Resources Board (ARB or Board) announces the release of Interim SB 535 Guidance Cap-and-Trade Auction Proceeds: Investments to Benefit Disadvantaged Communities. This Guidance contains approaches that agencies can use to maximize the benefits of investment in those communities. The Guidance also includes criteria that agencies will use to determine whether their investments are located within or provide benefits to disadvantaged communities. A draft version of the Guidance was approved by the Board during a public hearing on September 18, 2014. The document being released today reflects the Board’s minor revisions from that hearing. To download a copy of the Interim SB 535 Guidance, please visit: http://www.arb.ca.gov/cc/capandtrade/auctionproceeds/final535-interim-guidance-11-3-2014.pdf For additional information on auction proceeds, please visit: www.arb.ca.gov/auctionproceeds BACKGROUND: AB 32, the California Global Warming Solutions Act of 2006 (Assembly Bill 32 (AB 32); Nunez, Chapter 488, Statutes of 2006) is a comprehensive, multi-year program to reduce greenhouse gas (GHG) emissions in California. ARB has adopted a Scoping Plan and, together with other State and local agencies, has developed and implemented numerous regulations and programs, including the Cap-and-Trade Program to reduce emissions to meet AB 32 goals. Any expenditure of State proceeds from the Cap-and-Trade auctions must comply with legislative requirements. Senate Bill (SB) 535 (De León, Chapter 830, Statute of 2012) requires that 25 percent of the proceeds be invested in projects that benefit disadvantaged communities and at least 10 percent be invested in projects located within those communities. State law also directs ARB to develop guidance for State agencies on approaches to maximize benefits to disadvantaged communities. SB 535 requires the Secretary for Environmental Protection (CalEPA) to identify disadvantaged communities for investment of Cap-and-Trade auction proceeds. On October 31, 2014, CalEPA identified disadvantaged communities using the tool CalEnviroScreen Version 2.0 which ranks communities based on numerous indicators that reflect pollution burdens and population characteristics - the highest scores indicate the greatest impact. For the purposes of auction proceeds investments, CalEPA identified the top 25% of census tracts as disadvantaged communities. Detailed information is available at: http://oehha.ca.gov/ej/ces2.html. California is in a drought emergency. Visit www.SaveOurH2O.org for water conservation tips. You are receiving this single arbcombo email because you are a subscriber to or have made a public comment to one or more of the following lists: authors, test-list.