California Newsom Approves Bipartisan Climate Package Extending Cap-and-Invest to 2045

California Governor Gavin Newsom signed a comprehensive package of bipartisan climate and energy legislation aimed at lowering electricity costs, stabilizing the petroleum market, and reducing pollution while advancing clean energy goals. Central to the package is the extension of the state’s cap-and-trade program, renamed "cap-and-invest," through 2045, which maintains its core structure but includes new measures to support pollution mitigation in disadvantaged communities. The legislation also incorporates support for domestic oil production in Kern County to address refinery closures and prevent spikes in gas prices, reflecting a pragmatic approach to balancing environmental and economic concerns. The package includes increased climate credits on utility bills, expansion of regional power markets, significant wildfire funding, and annual investments in high-speed rail, aiming to save Californians billions and enhance energy affordability. The legislation has drawn praise from both environmental advocates and Republican lawmakers, highlighting its broad bipartisan support and focus on practical solutions. California leaders emphasized the state's commitment to leadership on climate action despite federal opposition, underscoring the program's success in reducing emissions and fostering economic growth.