AB 1405 Summary

• Establishes the California Climate Change Community Benefits Fund to receive a minimum of 10% of annual revenues from state sales of compliance instruments under California's cap-and-trade program

• Requires fund moneys to be used exclusively in "most impacted and disadvantaged communities," defined as areas in the top 10% for air pollution exposure and socioeconomic vulnerability, or climate change vulnerability

• Directs the Secretary for Environmental Protection to fund programs and projects that reduce greenhouse gas emissions or mitigate climate change health and environmental impacts through grants, loans, or other mechanisms

• Allocates up to 5% of fund moneys for administrative purposes and prioritizes green collar employment opportunities for low-income residents in eligible communities

• Requires the Secretary to identify eligible communities using geographic information systems within six months of a market-based compliance mechanism becoming operative and develop biennial funding plans through an open public process