Greenhouse Gas Reduction Fund

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SB 862 (2014) established the Transit and Intercity Rail Capital Program and the Low-Carbon Transit Operations Program. The two programs currently receive a combined 15% of total revenues from the Greenhouse Gas Reduction Fund, where the state deposits receipts from its cap-and-trade program. Auctions held in May and August of 2016 produced only $18 million in new revenues for the Greenhouse Gas Reduction Fund, raising concerns about the sustainability of program funding. The November 2016 auction produced over $350 million in revenues, bringing the total for the year to $890 million, but not completely alleviating concerns.

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