Overview

• The law reauthorizes the carbon market through 2045 under a cap‑and‑invest banner, with dedicated revenues including $1 billion a year for high‑speed rail plus funding for housing and community air programs.
• A separate measure fast‑tracks new oil wells by approving Kern County’s long‑delayed environmental review to bolster in‑state fuel supply.
• California can now join or create a Western regional power market, and a new public financing tool targets lower transmission costs.
• The state’s catastrophic wildfire fund is refilled with $18 billion split between ratepayers and utility shareholders, with limits on passing some mitigation costs to customers.
• Republicans warn the program will raise prices and environmental‑justice groups fault weak local protections, while looming refinery closures threatening roughly one‑fifth of capacity remain unresolved.