Bill > AB1532

This bill amends existing California law to enhance transparency and oversight of programs aimed at reducing greenhouse gas emissions, which are gases that trap heat in the atmosphere and contribute to climate change. Specifically, it modifies the composition of California's representation on the board of the Western Climate Initiative, Incorporated, a multi-state collaboration to address climate change, by adding non-voting members appointed by the Senate Committee on Rules and the Speaker of the Assembly, alongside existing representatives from the State Air Resources Board and the Secretary for Environmental Protection. The bill also requires the State Air Resources Board to notify the Joint Legislative Budget Committee of significant fund transfers to the Western Climate Initiative and mandates regular reporting to the committee on actions affecting California. Furthermore, it establishes strict conditions for California to "link" its greenhouse gas reduction programs with other states, provinces, or countries, requiring that any such linkage ensures equivalent or stricter environmental regulations, allows for California's enforcement, and does not impose undue liability on the state. The bill also creates a new chapter establishing the Greenhouse Gas Reduction Fund Investment Plan and Communities Revitalization Act, which outlines how money from this fund, generated from cap-and-trade programs, will be invested to achieve greenhouse gas emission reductions. This includes prioritizing investments that maximize economic and environmental benefits, create jobs, improve air quality, and specifically benefit disadvantaged communities, with a requirement for a three-year investment plan developed and updated through public processes.