CA AB2329

Establishes the California Affordable Decarbonization Authority as a nonprofit public benefit corporation, jointly authorized by the Public Utilities Commission and Energy Commission, to administer the Climate Equity Trust Fund.

Creates the Climate Equity Trust Fund as a separate trust to receive federal funding, Greenhouse Gas Reduction Fund moneys, noncompliance penalties, and other sources to support decarbonization and affordable electricity rates.

Authorizes trust fund disbursements through direct bill credits, rebates or incentives to customers and vendors, or matching funds to utilities for building and transportation electrification, energy efficiency, low-income assistance, wildfire mitigation, and distributed energy resources.

Establishes a seven-member independent board of directors appointed by the Governor (3 members), Speaker of the Assembly (2 members), and Senate Committee on Rules (2 members), subject to Bagley-Keene Open Meeting Act and California Public Records Act requirements.

Requires the authority to submit annual and multiyear spending plans for approval by the PUC and Energy Commission before disbursing trust funds, with prohibitions on using funds for shareholder incentives or state agency administrative costs.