Governor Newsom released his proposed State Budget on Monday. The budget proposes to spend more than $284 billion, and includes a surplus that is expected to be more than $20 billion. The State Budget that will be passed by the Legislature in June will be different than what the governor proposed, depending on how well tax receipts hold up this year and the funding desires of the Legislature, but the final State Budget should be close to what the governor proposed.
Importantly, the governor is proposing to use the anticipated surplus revenue to provide one-time funding for projects and programs to help California adapt and mitigate climate change.
For example, the proposed 2022-23 State Budget includes funding for:
- clean transportation
- climate adaptation projects that support climate resiliency
- long duration energy storage to support grid reliability
- equitable building decarbonization
- Lithium Valley Development to develop a critical component of batteries
- sustainable communities
Detailed information on the governor’s proposed funding in response to Climate Change can be found here:
https://www.ebudget.ca.gov/2022-23/pdf/BudgetSummary/ClimateChange.pdf
More information on the proposed 2022-23 State Budget can be found here:
https://www.ebudget.ca.gov/budget/2022-23/#/BudgetSummary
