SB 1572 Summary

• Appropriates 80 percent of moneys collected from cap-and-trade allowance auctions in fiscal year 2012-13 to the State Air Resources Board for greenhouse gas emissions reduction projects at covered entities and regional/local climate initiatives.

• Allocates 75 percent of appropriated funds to support eligible projects at covered entities (industrial facilities, refineries, food processors, etc.) that reduce compliance costs and emissions, with allocation authority shared between the Air Resources Board and California Pollution Control Financing Authority.

• Allocates 25 percent of appropriated funds to the Strategic Growth Council for competitive awards to metropolitan planning organizations and local climate innovation projects that reduce emissions through transportation and land use improvements.

• Creates the Higher Education Greenhouse Gas Emissions Reduction Account to deposit revenues from allowance sales to University of California and California State University, with continuous appropriation of 2012-13 funds for energy efficiency and renewable energy projects at university facilities, contingent on matching 20 percent investment by universities.

• Requires all funds to be committed to specific projects by December 31, 2013, and establishes reporting requirements for state agencies and recipient institutions through January 1, 2017.