For Immediate Release
Contact: John Myers
press@calchamber.com
Lance Hastings
lhastings@cmta.net
Sacramento, CA — CalChamber and the California Manufacturers & Technology Association welcome Governor Newsom’s proposed extension of California’s cap-and-trade climate change program included in his revised state budget plan, without any structural changes to the program, is a prudent approach that maintains a focus on affordability for Californians while materially reducing emissions.
“A clean reauthorization of the cap-and-trade program through 2045 means that California will continue to balance compliance costs for businesses and consumers while encouraging investments into the state,” said Jennifer Barrera, CalChamber President & CEO. “The Governor’s proposal serves as a reminder that economic growth and climate action can advance together.”
“The California Manufacturers & Technology Association strongly supports the Governor’s May Revision proposal to extend the Cap-and-Trade program through 2045,” said Lance Hastings, CMTA President & CEO. “This program has generated nearly $33 billion in investments over the past decade and remains a vital tool in advancing the state’s climate objectives. Extending it will reinforce California’s global climate leadership, provide long-term market certainty, and foster sustained private investment, aligning key components in achieving carbon neutrality by 2045.”
California’s climate strategy ensures the state’s leadership in the move toward a low-carbon future without onerous mandates that impede economic progress. Governor Newsom’s announcement is consistent with his January budget that noted an extension of the program will “provide the market with greater certainty, attract stable investment, further California’s climate leadership and set the state on a clear path to achieve its 2045 carbon-neutrality goal.”
“While the cap-and-trade program is not without its costs, it’s become a reliable way to make both climate progress and clean-economy investments,” said CalChamber’s Barrera. “It includes the kind of flexibility that ensures industries continue to grow in California and supports emerging technologies which drive California’s economy.”
About CalChamber
The California Chamber of Commerce (CalChamber) is the largest broad-based business advocate to government in California. Membership represents one-quarter of the private sector jobs in California and includes firms of all sizes and companies from every industry within the state. Leveraging our front-line knowledge of laws and regulations, we provide products and services to help businesses comply with both federal and state law. CalChamber, a not-for-profit organization with roots dating to 1890, promotes international trade and investment in order to stimulate California’s economy and create jobs. Please visit our website at www.calchamber.com.
