California State Senators and Governor Jerry Brown gathered in Sacramento this week for the annual Democratic Senate policy retreat to discuss issues of statewide and national importance. J.R. DeShazo, director of the Luskin Center, briefed them on the economic benefits of California’s climate portfolio. The focus of his talk was the tremendous opportunity to build prosperous, healthy and livable communities through the State’s new Greenhouse Gas Reduction Fund (GGRF). The GGRF will soon have billions of dollars to support transit, clean vehicles, sustainable communities, energy efficiency, renewable energy, urban greening and more.

Senate President pro tempore Kevin de León invited Professor DeShazo to be part of a three-person panel moderated by Senator Fran Pavley. Pavley authored AB 32, the landmark Global Warming Solutions Act of 2006 that propelled California as a global climate policy leader. Now the nation and world are watching as California implements an important element of AB 32, the cap-and-trade program, which places the world’s first economy wide cap on carbon pollution and establishes market mechanisms to price carbon credits. These auction proceeds go into the GGRF. Senate Bill 535 (de León) requires that at least 25 percent of the investments benefit disadvantaged communities. DeShazo shared stories about how programs funded by the GGRF have already provided real benefits to low-income communities and households across California, including through job creation, houshold energy cost savings, and clean air health benefits.

Luskin Center research and event organizing is helping to advance the strategic and equitable implementation of climate investments to maximize local benefits to disadvantaged communities. For more information, see our SB 535 research report and this overview presentation.