CARB Publishes Annual Report on California Climate Investments as Governor Newsom and California Legislature Seek Extension of Cap-and-Trade Program

May 7, 2025 –
Annual Report on California Climate Investments:
The California Air Resources Board (CARB) published its annual report on California Climate Investments using Cap-and-Trade proceeds. According to the report, nearly $33 billion has been raised from Cap-and-Trade to fund climate solutions in communities across the state; of this amount, $12.8 billion projects have been implemented under 117 programs administered by 27 agencies. Along with the report, CARB released a general fact sheet documenting cumulative project achievements through November 2024 including $1.5 billion invested in wildfire prevention, forest health and prescribed burning activities and 1.6 million acres of land conserved or restored.

Extension of Cap-and-Trade Program:
Prior to the report’s publication, Governor Newsom, Senate President pro Tempore McGuire and Assembly Speaker Rivas announced they will seek an extension of the Cap-and-Trade Program during this legislative year. The program is currently set to expire in 2030 and requires extension by the Legislature. As the Governor noted in his proposed budget, extending the program this year can provide the market with greater certainty, attract stable investment, further California’s climate leadership and set the state on a clear path to achieve its 2045 carbon-neutrality goal.