California’s Latest Climate Theater: Newsom Signs Another Expensive Illusion
10 hours ago Anthony Watts
SAN FRANCISCO – According to CBS News, Newsom signs sweeping bills on climate, California energy affordability, oil production – Governor Gavin Newsom once again turned public policy into prime time, signing a sweeping set of bills last week under the domed ceiling of the Morrison Planetarium. The spectacle promised an all-in-one fix: cheaper electricity, more reliable gas supplies, cleaner air, and a green job boom. “After months of hard work with the Legislature, we have agreed to historic reforms that will save money on your electric bills, stabilize gas supply, and slash toxic air pollution — all while fast-tracking California’s transition to a clean, green job-creating economy,” the Governor declared, as though the calculus of energy pricing and infrastructure can be solved by optimism and press releases.
The core of the package is an extension of the cap-and-trade program—rebranded “cap-and-invest”—all the way to 2045. That rebranding glosses over that the structure is largely the same: companies must either reduce their greenhouse gas emissions, buy emission allowances, or invest in offsets. The revenues from auctioning allowances are then redistributed (some), invested (many), or spent (often). In recent years, those auctions have raised between $3 billion and $4.3 billion annually. These revenues fund programs ranging from wildfire prevention to transportation, housing, and utility credits. 1
Indeed, according to the California Air Resources Board, nearly $33 billion has been raised from polluters and directed into the state’s cap-and-trade / cap-and-invest system since inception, funding 117 “clean-energy and community resilience” initiatives. 2 That includes a large slice going into what Newsom and others call “climate credit” refunds to utility customers, some support for disadvantaged communities, and a guaranteed $1 billion annually earmarked for high-speed rail. Yes, the same high-speed rail project that critics have repeatedly flagged for cost overruns, delays, and questionable emissions impacts compared to its price tag.
https://wattsupwiththat.com/2025/09/21/californias-latest-climate-theater-newsom-signs-another-expensive-illusion/
