Amid federal rollbacks and energy market volatility, Steyer urges state leaders state leaders to strengthen cap-and-invest program 

SACRAMENTO, CA — Democratic gubernatorial candidate and climate advocate Tom Steyer issued a strong call to action urging Gavin Newsom and California Air Resources Board Chair Liane Randolph Sanchez to move forward with a strengthened and modernized Cap-and-Invest program, reinforcing California’s leadership in climate policy and clean energy innovation.

In a letter to state leaders ahead of the California Air Resources Board’s upcoming rulemaking process, first covered by Sacramento Bee, Steyer praised the state’s progress on climate and energy policy while warning against efforts by oil industry lobbyists to weaken critical emissions regulations.

“I applaud your ambitious actions to invest in California’s infrastructure, bolster the economy, and take on powerful corporate polluters,” Steyer said in the letter. “Californians realize that oil lobbyists are trying to use the war in Iran — started by a president they helped put in power — as justification to roll back our hard-won gains. I stand ready to offer my support in any way needed to help defend these landmark laws.”

The Cap-and-Invest program, originally authorized through a broad coalition of state leaders, serves as a key mechanism to generate revenue through the state’s Greenhouse Gas Reduction Fund. Steyer called for the program’s upcoming rulemaking to include strengthened measures that:

• Deliver meaningful near- and long-term emissions reductions
• Stabilize the carbon market
• Accelerate electrification efforts
• Provide sustained funding for climate investments

“The final cap-and-invest regulation should reflect a program that is committed to our near and long term climate goals while maintaining meaningful and effective affordability protections,” Steyer said. “Cap-and-invest is one of the most critical programs we have to support a cost-effective transition by economically incentivizing big polluters to reduce their emissions over time. This rule-making must uphold the program's intent to regulate and significantly reduce greenhouse gas emissions in the near and long-term.”

Just last week, Steyer tore into the corporate interests behind soaring gas prices taking up the bulk of working Californians’ paychecks and laid out his plan for reigning them in.

For the past 15 years, Steyer has taken on Big Oil to defend California’s clean air laws and secure billions in funding for clean energy and jobs. In 2010, Steyer co-chaired the No on 23 campaign to defend the Cap and Invest program. In 2012, Steyer was a key supporter of the successful Proposition 39 campaign, a measure that delivered billions of dollars for California schools and the state budget. 

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