California’s signature climate regulation is set for a major overhaul, to better balance the state’s ambitious greenhouse gas reductions with affordability.
Yet the change comes with tradeoffs that include potentially losing billions of dollars for transit, housing, fire prevention and other popular programs — a highly controversial prospect.
Scores of agencies and advocates, from big city mayors to housing departments to BART and Muni, are urging the California Air Resources Board to reject the updated “cap and trade” regulation, now called “cap and invest,” for fear of missing out on big money. The air board is scheduled to vote on the overhaul at its meeting next week…