While the revised business plan did shave off $30 billion, there remains a $55 billion funding shortfall. Dependent on federal and private funds that may never appear, could revenue from the sale of carbon credits bridge the funding gap?
The CA High Speed Rail project has received $3.3 billion in federal funds but remains dependent on an additional $35.3 billion, plus $13 billion in private investment, neither of which may be forthcoming soon, if at all. Gov. Jerry Brown has suggested that "cap & trade" funds, authorized by the landmark 2006 climate bill, AB 32, could provide revenue as early as November. Anywhere between $2 billion to $4 billion could come from the auction of carbon credits.
The Mercury News transportation reporter Mike Rosenberg, and environmental reporter Paul Rogers, write that the scheme "could either be a brilliant savior for the cash-strapped rail project or a disappointing enigma that disappears under legal scrutiny and opposition from businesses."
"It's the winning-the-lottery scenario," said Dorothy Rothrock, vice president of the California Manufacturers and Technology Association. "Counting on cap-and-trade revenues might not be the wise thing to do if it is so legally suspect that the money will never show up."
"At a news conference Monday in Fresno, rail leaders did little to play up the new funding possibility, nor did they return calls seeking more detail. But critics said it is likely to set off a massive legal showdown between business interests and the state."
Dan Richard, chairman of the California High-Speed Rail Authority, states in the Associated Press (via San Mateo Daily Journal, "(Cap & trade) gives us a backstop dedicated funding stream that gives us confidence that we can go forward".
The High Speed Rail board meets on April 15, Monday, to approve the revised business plan. Utilizing cap & trade funds is not on the agenda. Approval of the MOU for the blended rail agreements for northern and southern California are listed.
FULL STORY: Gov. Brown looks to global warming fees to pay for high-speed rail
California First: Carbon Fees Used to Fund Affordable, Transit-Oriented Housing
On June 29, the California Strategic Growth Council awarded $121.9 million in Greenhouse Gas Reduction Funds to help build 28 affordable housing developments on major transit lines. Funding originates from proceeds of the cap-and-trade market.
Calif. Governor Signs Game-Changing Budget for HSR, Transit, and Affordable Housing
Jerry Brown signed a $156.3-billion budget on June 20 that marks a new day for greenhouse gas-reducing transportation and sustainable communities projects due to new revenues from the state's cap and trade market now and, particularly, in the future.
California HSR: Banking on Cap and Trade, TIFIA, and More
One positive thing to be said about a project that's been declared on life support by even many of its supporters since a court ruling denied its chief funding source: the Calif. HSR Authority sure is resilient. New funding sources may keep it alive.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Chicago’s Ghost Rails
Just beneath the surface of the modern city lie the remnants of its expansive early 20th-century streetcar system.
Amtrak Cutting Jobs, Funding to High-Speed Rail
The agency plans to cut 10 percent of its workforce and has confirmed it will not fund new high-speed rail projects.
Ohio Forces Data Centers to Prepay for Power
Utilities are calling on states to hold data center operators responsible for new energy demands to prevent leaving consumers on the hook for their bills.
MARTA CEO Steps Down Amid Citizenship Concerns
MARTA’s board announced Thursday that its chief, who is from Canada, is resigning due to questions about his immigration status.
Silicon Valley ‘Bike Superhighway’ Awarded $14M State Grant
A Caltrans grant brings the 10-mile Central Bikeway project connecting Santa Clara and East San Jose closer to fruition.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Caltrans
City of Fort Worth
Mpact (founded as Rail~Volution)
City of Camden Redevelopment Agency
City of Astoria
City of Portland
City of Laramie