CA SB840

Restructures Greenhouse Gas Reduction Fund allocations beginning in the 2026-27 fiscal year, replacing existing continuous appropriations that become inoperative on July 1, 2026, with new fixed-dollar allocations totaling over $2.98 billion annually for programs including affordable housing, transit, wildfire prevention, and clean drinking water

Continuously appropriates $1 billion to the High-Speed Rail Authority for the initial operating segment and Phase I Blended System, covering acquisition, construction, environmental review, and loan repayment costs

Requires the State Air Resources Board to conduct a study by December 31, 2026, evaluating carbon offset contributions to California's climate goals and making recommendations for improving in-state offset project development

Mandates the Air Resources Board to update all compliance offset protocols to reflect best available science by January 1, 2029, with subsequent evaluations required every five years starting January 1, 2034

Establishes legislative intent to create a Legislative Counsel Climate Bureau with $3 million in funding and to distribute fund revenues to dedicated subfunds for clean transportation, housing, wildfire prevention, agriculture, clean energy, and climate innovation