Energy: Decarbonization Funding Plan.

Existing law creates the Department of Finance and provides that the department has general powers of supervision over all matters concerning the financial and business policies of the state, including collecting financial information related to federal awards received, which includes schedules of cash and noncash federal assistance and passthrough amounts. Existing law, the California Climate Crisis Act, declares that it is the policy of the state both to achieve net-zero greenhouse gas emissions as soon as possible, but no later than 2045, and achieve and maintain net-negative greenhouse gas emissions thereafter, and to ensure that by 2045, statewide anthropogenic greenhouse gas emissions are reduced to at least 85% below the 1990 levels. Existing law establishes the Governor's Office of Business and Economic Development (GO-Biz) within the Governor's office to serve the Governor as the lead entity for economic strategy and the marketing of California on issues relating to business development, private sector investment, and economic growth. Existing law establishes, within GO-Biz, the Energy Unit to accelerate the planning, financing, and execution of critical energy infrastructure projects that are necessary for the state to reach its climate, energy, and sustainability policy goals, including by making recommendations, coordinating between the state's climate and energy agencies, and cooperating with local, regional, federal, and California public and private businesses and investors. This bill would require the Department of Finance, in conjunction with the Governor's Budget, to submit a decarbonization funding plan (plan) to the Joint Legislative Committee on Climate Change and to post the plan on its internet website. The bill would require the plan to, among other things, identify decarbonization opportunities to help the state reach its targets to reduce the effects of climate change and set out priorities for funding, suggest efficiencies distributing decarbonization funds, including expediting the application and award process, and provide recommendations on how to effectively align state decarbonization incentives and allocated general fund moneys with federal funds from the Inflation Reduction Act of 2022 and the Infrastructure Investment and Jobs Act. The bill would require, by July 1, 2024, the department to establish an internet web portal for purposes of identifying decarbonization funding opportunities with specified information. The bill would require GO-Biz to post a link to the internet web portal on its internet website. The bill would repeal these provisions on January 1, 2033. This bill would set forth related legislative findings and declarations.