{"id":3340,"date":"2012-11-22T00:16:20","date_gmt":"2012-11-22T00:16:20","guid":{"rendered":"https:\/\/calcanstaging.kinsta.cloud\/?p=3340"},"modified":"2012-11-22T00:16:20","modified_gmt":"2012-11-22T00:16:20","slug":"first-cap-and-trade-auction-cpucs-climate-dividend-investment-plan","status":"publish","type":"post","link":"https:\/\/calclimateag.org\/es\/first-cap-and-trade-auction-cpucs-climate-dividend-investment-plan\/","title":{"rendered":"First Cap and Trade Auction – CPUC\u2019s \u201cClimate Dividend\u201d – Investment Plan"},"content":{"rendered":"

 <\/p>\n

The results from California\u2019s first cap-and-trade auction were announced this week \u2013 nearly $290 million was raised.\u00a0 The first auction included the selling of allowances (aka permits to emit greenhouse gas emissions) to be held by the utility sector and, separately, by the industrial sector.<\/p>\n

In total about 350 entities in California \u2013 e.g. oil refineries, large manufacturers, food processors, utilities \u2013 will participate in cap-and-trade program<\/a>. California will hold quarterly auctions and the percent of allowances that are auctioned will increase over time.\u00a0 The funds generated will be invested back into the program with some important exceptions.<\/p>\n

The California Public Utilities Commission (CPUC) recently proposed that 85 percent of the funds generated from the utility auction (about $233 million from the first auction) will be returned to rate payers in the form of \u201cclimate dividend\u201d rate reductions.\u00a0 The CPUC estimates the average residential customer in California will receive a rate reduction of about $30 dollars twice a year<\/a>.<\/p>\n

Good climate change policy limits impacts on the poor, including rising energy costs.\u00a0 But the choice of the CPUC to return millions and eventually billions of dollars of auction proceeds in the form of relatively small rate reductions for most, and bigger pay-offs for the largest emitters of greenhouse gas emissions, rather than investing in green infrastructure, home weatherization, energy efficiency and renewable energy, represents a real loss in realizing long-term energy savings and clean energy development.<\/p>\n

How the other portion of the auction revenue \u2013 funds raised through the auctioning of industrial sector allowances \u2013 will be invested will be taken up by the Governor\u2019s administration and the legislature next year.<\/p>\n

CalCAN will continue to advocate that by investing in agricultural solutions to climate change the state can achieve important GHG reductions while boosting our rural communities and improving our environment overall.<\/p>","protected":false},"excerpt":{"rendered":"

  The results from California\u2019s first cap-and-trade auction were announced this week \u2013 nearly $290 million was raised.\u00a0 The first auction…<\/p>","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"mc4wp_mailchimp_campaign":[],"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[680],"tags":[13,15,153],"class_list":["post-3340","post","type-post","status-publish","format-standard","hentry","category-policy","tag-ab-32","tag-cap-and-trade","tag-cpuc"],"acf":[],"yoast_head":"\nFirst Cap and Trade Auction - 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