2025 Annual Report to the Legislature on California Climate Investments Using Cap-and-Trade Auction Proceeds 

California Climate Investments, overseen by the California Air Resources Board, consists of 117 programs administered by 27 agencies. These programs play an important role in the state’s efforts to address climate change while delivering environmental, public health, and economic benefits to communities across the state. Building on a decade of program implementation, the 2025 Annual Report to the Legislature on California Climate Investments Using Cap-and-Trade Auction Proceeds provides an overview of California Climate Investments’ progress over the past year and since its inception. 

Since its first appropriation in 2014, California Climate Investments has funded $12.8 billion in implemented projects, with nearly $9.2 billion of these investments benefiting California’s disadvantaged communities and lowincome communities and households, collectively referred to as priority populations. In 2024 alone, programs under the portfolio of California Climate Investments collectively implemented nearly $1.9 billion, with roughly $1.2 billion of these investments benefiting priority populations. These programs also leverage $15.9 billion, with over $2.8 billion in 2024 alone, in additional funding from various sources, such as federal, private, and local contributions, to support project implementation.

2025 Annual Report to the Legislature on California Climate Investments Using Cap-and-Trade Auction Proceeds

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