Steve Bing commits $40 million to Yes on Proposition 87, the California Clean Energy Initiative. The initiative will accomplish the goal of reducing California's dependence on petroleum-based gasoline and diesel fuels by: 1) Providing incentives to make alternative fuel vehicles and alternative fuels more widely available and affordable to consumers; 2) Funding research and incentives to bring clean, renewable energy technologies like solar, wind and hydrogen power more quickly to the marketplace; 3) Providing research grants to universities and non-profit groups to develop innovative clean energy technologies; and 4) Helping to create new industries, technologies and tens of thousands of good paying jobs focused on renewable energy, energy efficiency, clean alternative fuels and clean alternative fuel vehicles. The alternative and renewable energy technologies funded through Proposition 87 present significant environmental and economic benefits for California, the country and the world. With California taking the lead, Proposition 87 will make a powerful contribution to the global effort to reduce air pollution and the cut greenhouse gas emissions that cause global climate change. Proposition 87 will be on Californian's general election ballot this November.
California has a long and proud history of environmental stewardship and energy innovation, and Proposition 87 will build upon this foundation. Proposition 87 is endorsed by a coalition of consumer, public health and environmental organizations, scientists and business leaders. Proposition 87 provides consumers with rebates for cars and trucks that run on cleaner and cheaper alternative fuels; funds municipal vehicle fleet upgrades such as school buses, emergency vehicles, waste disposal trucks and mass transit vehicles; provides incentives for increased use of wind, solar and other renewable energies; funds alternative energy technology research at California universities; and provides funds for an alternative fuel infrastructure such as retrofitting filling stations and building new ones.
Proposition 87 will be funded by a fee on the extraction of oil in California, paid for by the oil companies that drill in California. California is the third largest oil-producing state in the country, but the only state where oil companies currently do not pay a comparable extraction fee. The California Attorney General has determined that Proposition 87 specifically prohibits oil producers from passing their fee on to consumers. Proposition 87 requires strict accountability and will be administered by a non-partisan board of expert citizens. Proposition 87 will increase revenue to the State's General Fund by investing $4 billion into new California clean energy jobs and technologies.