Groups Call for Repayment of Loan From Cap-and-Trade Auction Proceeds

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(Sacramento, CA)
Wednesday, December 11, 2013

Lawmakers approved a one-time loan from the auction proceeds to the general fund last fiscal year.

The Governor is now preparing to release his 2014-2015 budget proposal in January.

The coalition says the Governor has a legal obligation to repay the loan and invest in programs that reduce carbon pollution.

Bill Magavern with the Coalition for Clean Air says the repayment should happen if the Governor truly believes in addressing climate change.

"Budgets show the state’s policy priorities," says Magavern. "The Governor will not have credibility speaking on this issue if he does not follow the laws that are in place and use this money how it is intended, to reduce greenhouse gas emissions.”

The Assembly Speaker has also called for the loan to be repaid as quickly as possible.

The Department of Finance says the focus of the budget should be on paying down debt and maintaining a prudent reserve. 

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