Carolyn Whetzel | Bloomberg BNA

Montrose Green development for 1819 W MontroseRevenue from California’s greenhouse gas emissions trading program would be used as a permanent source of funding for affordable housing, water efficiency projects and a variety of transportation projects, including high-speed rail, under a new plan outlined by State Senate President Pro Tempore Darrell Steinberg (D).

Unveiled April 14 at a news conference in Sacramento, the plan replaces a proposal Steinberg announced in February to impose a carbon tax on transportation fuels rather than bring them under the scope of the emissions trading program, as is scheduled in 2015.

The new proposal for investing cap-and-trade revenue would allocate $1.75 billion for affordable housing and sustainable communities; $1.31 billion for transit; $878 million for high-speed rail; $439 for street projects; $200 million for natural resources, water and waste projects; $200 million to deploy electric vehicles; and $10 million to fund a green bank. Read more