SB 1121 Summary

• Establishes the California Climate Solutions Accelerator Account within the California Infrastructure and Economic Development Bank Fund to provide financial assistance for greenhouse gas emissions reduction projects.

• Requires the California Infrastructure and Economic Development Bank to administer the program in consultation with the State Air Resources Board, including loans, loan guarantees, securitization, and other financing tools for eligible projects.

• Eligible greenhouse gas emissions reduction projects include energy efficiency, renewable energy, clean transportation, clean agriculture, energy storage, and land-based carbon sequestration projects that demonstrate financing gaps and private sector participation.

• Mandates the bank prepare a three-year guiding document by December 30, 2015 outlining investment priorities and how funding complements existing programs, with priority given to disadvantaged communities and projects leveraging private capital.

• Requires annual reporting to the Legislature beginning July 30, 2017 on the program's progress, investment performance, and coordination with other state incentive programs.