California Climate Investments Investment Plan
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To guide the investment of Cap-and-Trade auction proceeds, the Department of Finance, in consultation with the California Air Resources Board (CARB) and other State agencies (Administration), is required to submit an Investment Plan to the Legislature every three years. The Investment Plan identifies priority investments that will help California achieve its greenhouse gas (GHG) emission reduction goals while realizing additional health, economic, and environmental benefits. Priority investment types identified in the Investment Plan do not guarantee funding but rather provide guidance to the Legislature on potential funding opportunities.
Fifth Investment Plan for Fiscal Years 2025-26 through 2027-28
CARB is pleased to announce the development of the Fifth Investment Plan for Fiscal Years 2025-26 through 2027-28, which is due to the Legislature in January 2025. Over the course of 2024, CARB will work with the Department of Finance, the California Environmental Protection Agency, and interested parties to identify potential priority investments to recommend in the Investment Plan.
First Public Workshop
CARB hosted an initial public workshop to receive early input on the Investment Plan on February 15, 2024.
- Recording (Grabación del Taller)
- Agenda (Español)
- Presentation (Presentación)
- Workshop Notice (Aviso del taller)
- Event Flyer (Folleto del evento)
CARB staff are also happy to discuss the Investment Plan and we encourage interested parties to email us at GGRFProgram@arb.ca.gov.
Fourth Investment Plan for Fiscal Years 2022-23 through 2024-25
The Cap-and-Trade Auction Proceeds Fourth Investment Plan (Fourth Investment Plan) for Fiscal Years 2022-23 through 2024-25 was submitted to the Legislature in January 2022. The Fourth Investment Plan includes six recommendations designed to guide the investment of Cap-and-Trade auction proceeds in a way that accelerates greenhouse gas emission reductions, supports a carbon-neutral future, and achieves the state’s interconnected climate, environmental, equity, public health, and economic goals.
- Fourth Investment Plan
- Cuarto Plan de Inversión
- Department of Finance Letter to the Joint Legislative Budget Committee
- Fact Sheet
- Hoja Informativa
CARB took public comments on the Draft Final Fourth at the November 19 Board meeting.
CARB took public comments on the Draft Fourth Investment Plan over 30-day public comment period.
Public Workshops
CARB hosted an initial public workshop to receive early input on the Investment Plan on February 23, 2021. Workshop materials are below.
- Recording
- Agenda (Español)
- Presentation (Presentación)
- Workshop Notice (Aviso del taller)
- Event Flyer (Folleto del evento)
CARB hosted a second virtual workshop to discuss the Draft Fourth Investment Plan on September 2, 2021. Workshop materials are below.
- Recording
- Agenda (Español)
- Presentation (Presentación)
- Workshop Notice (Aviso del taller)
- Event Flyer (Folleto del evento)
Third Investment Plan for Fiscal Years 2019-20 through 2021-22
The Third Investment Plan identifies future investment priorities and strategies to expand the scope and reach of the existing California Climate Investments programs. Priorities include continued focus on GHG emission reductions, increased community-level projects and participation, greater funding certainty to allow longer-term planning, and an increased emphasis on additional economic, environmental, and public health benefits.
- Third Investment Plan
- Tercer Plan de Inversión
- Department of Finance Letter to the Joint Legislative Budget Committee
CARB took public comments on the Revised Draft Third Investment Plan at the Board hearing on November 16, 2018.
The Draft Third Investment Plan was presented at two public workshops on September 4-5, 2018 in Fresno and Los Angeles.
- Workshop Notice
- Presentation:
- View Comments
Second Investment Plan for Fiscal Years 2016-2017 through 2018-2019
The Second Investment Plan for Fiscal Years 2016-17 through 2018-19 was submitted to the Legislature in January 2016. The Second Investment Plan identifies potential State investment priorities to help achieve GHG emission reduction goals, benefit disadvantaged communities, and yield valuable co-benefits within the Transportation & Sustainable Communities, Clean Energy & Energy Efficiency, and the Natural Resources and Waste Diversion categories.
CARB took public comments on the Revised Draft Second Investment Plan at the Board Hearing on December 17, 2015.
The Draft Second Investment Plan was presented at three workshops held in early November 2015.
CARB held series of public workshops in August 2015 to receive input on a Concept Paper for the Second Investment Plan Agencies Administering California Climate Investments.
First Investment Plan for Fiscal Years 2013-2014 through 2015-2016
The First Investment Plan for Fiscal Years 2013-14 through 2015-16 was submitted to the Legislature in May 2013. CARB held a public hearing on April 25, 2013.