AB 684 Summary

• Establishes the Clean Energy and Fuels Manufacturing Financial Assistance Program administered by the California Alternative Energy and Advanced Transportation Financing Authority in coordination with the State Energy Resources Conservation and Development Commission.

• Authorizes the authority to provide financial assistance to lender-applicants for eligible clean energy and advanced transportation projects through bond financing, loans, loan loss reserves, and risk-sharing loan guarantees.

• Requires the authority to publish notice of available financial assistance and adopt regulations evaluating lender-applicant applications based on need, job development, environmental benefit, and financial risk.

• Permits the authority to fund the program using federal funds, state special funds, or private funds, and may establish a collective risk pool paid by private parties if federal or state funds are unavailable.

• Takes effect immediately as an urgency statute to expedite promotion of California-based manufacturing and jobs while reducing greenhouse gas emissions and pollution.