NEW! Clearing the Zero-Emission Path: A review of financial transfers to polluting fuels via California carbon trading programs.
California gave oil companies and biofuel suppliers nearly $28 billion from state-controlled climate funding streams for carbon-emitting transportation from 2013 through 2024. This is the combined value in 2023 dollars of free Cap and Trade allowances given to oil refiners and drillers and Low Carbon Fuel Standard credits awarded to oil companies and other suppliers of transportation biofuels during those 12 years. The money came mainly from Californians at the gas pump. It was intended to incentivize the lowest-carbon transport feasible, including electric vehicles and public transit. Instead, it funded carbon-emitting transportation, further locking it into place.
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