Governor Newsom Highlights Clean & Prosperous California Report on Lost Revenue

Governor Newsom Press Release, “ICYMI: 287,000 jobs and $55 billion in economic growth on the line with key climate program’s extension,” highlights key findings from our latest report:

“[A]nother report released this week shows the need for extension this year. According to Clean and Prosperous California, the program has lost up to $3 billion in potential revenue in the past year due to poor auction results “caused by uncertainty over legislative extension.” 

Clean and Prosperous California reports: “We expect California will continue losing between around $600 million and $1 billion in revenue from each quarterly auction until the California legislature reauthorizes the cap-and-trade program.” 

As Governor Newsom, Assembly Speaker Robert Rivas, and Senate Pro Tempore Mike McGuire said in April announcing efforts to extend the program this year: ‘aCap-and-trade is a huge success and, working together, we’ll demonstrate real climate leadership that will attract investment and innovation to deliver the technologies of tomorrow, right here in California.’”

Read the full press release here.