During the Prop 23 debate to restrict AB-32, I wrote that this initiative would just create a political slush fund our political leaders would use for their own purposes, not to reduce global warming. How we have this bit of news:
“Brown plans to propose spending millions of dollars in fees paid by carbon producers to aid the state’s controversial high-speed rail project.
“The proposal – and the prospect of additional funding from the state’s cap-and-trade program in future years – could provide a significant lift to a $68 billion rail project beleaguered by uncertainty about long-term financing.
“Brown plans to propose allocating several hundred million dollars this year, sources told The Sacramento Bee. … Brown is expected to include the proposal in the annual budget plan he will release Friday. Brown has made high-speed rail a priority of his administration, and he suggested two years ago that cap-and-trade revenue, which is designed to reduce greenhouse gas emissions, would be a future source of funding for the project.
“But the use of cap-and-trade money for high-speed rail could be problematic. The nonpartisan Legislative Analyst’s Office said in 2012 that while the rail project could eventually help reduce greenhouse gas emissions, benefits would not be seen until after 2020, the year by which California is seeking to meet its greenhouse gas reduction goals.”
Oops, it looks like we are about to see the Governor spend the AB-32 slush fund on his pet project, the bullet train to know where. You were warned!