Proponents of the 10 year extension of cap and trade state there is no funding for the High Speed Rail (HSR); however wording in AB 398 says differently:

(2) Existing law requires all moneys, except for fines and penalties, collected by the state board as part of a market-based compliance mechanism to be deposited in the Greenhouse Gas Reduction Fund and to be available upon appropriation. Existing law continuously appropriates 60% of the annual proceeds of the fund for transit, affordable housing, sustainable communities, and high-speed rail purposes.

CCTA is very opposed to the Governor’s pet project, the High Speed Rail, which is facing financial struggles and is behind schedule. Construction has started on a 118 mile high-speed rail segment from Madera to Shafter, and is being paid for with revenues from cap and trade. If you believe AB 398 “puts a nail in the coffin for High Speed Rail” as proponents state, there is a bridge in San Francisco we can sell you!