California climate adaptation trust fund: exploring the leveraging of cap-and-trade proceeds

摘要: This article provides an exploratory evaluation of the extent to which statutorily unallocated revenues under California’s cap-and-trade (“CT”) program could be securitized lever investment trust fund, referenced as California Climate Adaptation Trust Fund (“CCA Fund”). The seeks address two research questions. First, how much money state raise from securitizing CT revenue, if at all? Second, what are challenges and uncertainties operating a levered fund? Based on modified portfolio model initially capitalized by this evaluates not only size potential performance CCA Fund, but also range opportunities facing development products advanced in name financing climate adaptation investments. results presented through various expert-derived scenarios that framed political drivers market parameters. While totality resources needed adapt public infrastructure programs change is unknown, local economic extrapolations impacts increasingly well understood across sectors—with Assessment putting annual price tag $50 billion 2050. contributes current legislative policy debates seeking develop methods for understanding exploring associated with state-sponsored funds.