California’s flagship climate programs funneled nearly $28 billion to oil companies and biofuel suppliers from 2013 to 2024, according to a new report from The Climate Center.
Cap and Invest (formerly known as Cap and Trade) and the Low Carbon Fuel Standard (LCFS) are often referred to as California’s “signature” climate programs, designed to make carbon emitters pay for their pollution. Instead, they have allowed billions of dollars in subsidies for oil and gas companies to take advantage of.
Over the same time period, $28 billion could have funded the installation of 2.8 million level-two EV chargers to serve roughly 11 million Californians, free public transit statewide for 12 years with $11 billion left for service improvements and transit electrification, or complete job transition support for California’s oil workers, with some $15 billion left over.
The California Air Resources Board (CARB), which oversees both programs, is considering an amended set of Cap and Invest regulations right now. Public comments to CARB closed on March 9, 2026. Thank you to the thousands of activists who sent messages urging CARB to put people before polluters! Stay tuned for more ways to engage in the coming months.