California’s carbon-pricing program generated $36.2B for climate initiatives: report

California's Cap-and-Invest program has raised $36.2 billion for climate projects since it started in 2013, according to a new report from the state's Air Resources Board. The program works by capping carbon emissions from major polluters like power plants and oil refineries, then charging them for permits to emit carbon. That money gets funneled back into climate and energy programs across the state.

So far, $15.5 billion of that total has gone toward more than 600,000 projects covering clean air, energy efficiency, affordability, and emissions cuts. Notably, 76% of the money deployed has gone specifically to disadvantaged and low-income communities and households. The program has also driven savings of about $44.4 billion through lower fuel use, cheaper transit, and reduced household energy bills.

For California homeowners, this is the funding engine behind many of the state's rebate and efficiency programs, though the report itself doesn't spell out which specific rebates or upgrades this money paid for. The program is set to run through 2045 and covers roughly 80% of the state's total emissions, applying to facilities that emit large amounts of carbon dioxide each year. It was recently updated to help California hit its goal of cutting emissions 40% below 1990 levels by 2030. If you live in California, it's worth keeping an eye on state energy efficiency and rebate programs, since this fund is a major source of the money behind them, even if this report doesn't break down individual homeowner benefits.