AB 1207: Climate change: market-based compliance mechanism: extension.

This bill extends the operation of a market-based compliance mechanism until 2046, aiming to reduce greenhouse gas emissions in California. The mechanism will transition support from gas corporations to electrical distribution utilities to minimize ratepayer impacts. The bill requires the state board to consider the effects on affordability, cost-effectiveness, leakage in California, and achieving emissions reduction goals. Moneys generated from the sale of additional allowances will be deposited into the California Climate Mitigation Fund, which can be used to provide direct rebates and investments to reduce household energy costs. The bill also requires the state board to update regulations and the scoping plan to ensure the mechanism is cost-effective and meets emissions reduction targets. The Public Utilities Commission will allocate 15% of revenues received from greenhouse gas allo…