New legislation extends the state’s cap-and-trade program to 2045 and formalized a yearly allocation to the California high-speed rail project.
California has committed $1 billion in annual funding from cap-and-trade revenue to its high-speed rail project, giving CAHSR a crucial financial lifeline.
“The steady funding agreement, formalized under new legislation signed this week, gives the California High-Speed Rail Authority the long-term stability it says is essential to completing the project's initial Merced-to-Bakersfield segment by 2033,” explains Theo Berman in Newsweek.
New legislation signed this week extends California’s cap-and-trade program to 2045 and establishes the appropriation to high-speed rail through the same year. “The authority said the sustained funding would fill the current gap in its business plan and provide a critical match for future federal grant opportunities. It also enables the agency to pursue private-sector partnerships and begin work on trainset procurement and early operations planning.”
To date, 70 miles of track bed and over 50 bridges in the Central Valley segment have been completed, and tracklaying is expected to begin later this year.
FULL STORY: California High-Speed Rail Secures $1 Billion Annual Funding
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