Bill Text: CA AB796 | 2011-2012 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Financial assistance: Clean Energy Economy and Jobs

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Vetoed) 2012-09-27 - Consideration of Governor's veto pending. [AB796 Detail]

Download: California-2011-AB796-Introduced.html

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BILL NUMBER: AB 796	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Blumenfield

                        FEBRUARY 17, 2011

   An act to add Division 16.1 (commencing with Section 26050) to the
Public Resources Code, relating to energy, and declaring the urgency
thereof, to take effect immediately.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 796, as introduced, Blumenfield. Energy: clean energy economy.
   (1) The California Alternative Energy and Advanced Transportation
Financing Act requires the California Alternative Energy and Advanced
Transportation Financing Authority, in consultation with the State
Energy Resources Conservation and Development Commission, to
establish criteria for selecting projects related to renewable energy
and alternative transportation technologies that would receive
financial assistance, including loans, loan loss reserves, interest
rate reductions, insurance, guarantees, and other credit enhancement
or liquidity facilities, from the authority.
   This bill would require the state to establish a program to
provide financial assistance in the form of loan guarantees and
energy output insurance guarantees to California-based entities.
   (2) This bill would declare that it is to take effect immediately
as an urgency statute.
   Vote: 2/3. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Division 16.1 (commencing with Section 26050) is added
to the Public Resources Code, to read:

      DIVISION 16.1.  Clean Energy Economy and Jobs


      CHAPTER 1.  GENERAL PROVISIONS AND DEFINITION


   26050.  (a) The Legislature finds and declares all of the
following:
   (1) The continued growth of California's clean technology industry
is essential to the state's economic solvency and will continue to
create California-based jobs.
   (2) Promoting innovative technologies that reduce dependence on
fossil fuels, improve energy efficiency, and reduce carbon emissions
will help California meet its environmental targets and increase
energy security.
   (3) From 1995 to 2008, inclusive, clean technology manufacturing
employment expanded by 19 percent, while overall manufacturing
employment dropped by 9 percent.
   (4) California's environmental laws have stimulated nine billion
dollars ($9,000,000,000) in cumulative venture capital investment
from 2005 to 2009, inclusive, including two billion one hundred
million dollars ($2,100,000,000) in investment capital in 2009,
representing 60 percent of the total investment in North America and
more than five times the investment in the state's nearest
competitor, Massachusetts.
   (5) Between 2007 and 2009, California led all other states in
clean technology patent registrations, outpacing the second-ranked
state, New York, by more than 150.
   (6) California-based companies have patented more types of
electric vehicle battery technology than companies in other states.
   (7) Attempting to take advantage of California's economic and
environmental progress, other states and other countries are
providing financial incentives to California clean energy companies
to move away from California and establish manufacturing facilities
elsewhere.
   (8) Given the surge in out-of-state and overseas competition and
incentives, it is in the state's best interest to immediately
incentivize California-based clean technology companies so that they
remain in California.
   (b) It is the intent of the Legislature to promote the development
of instate manufacturing facilities and jobs that produce
technologies that increase energy efficiency, reduce greenhouse gas
emissions, improve air quality, or reduce water pollution.
   26051.  As used in this division, "California-based entity" has
the same meaning as that set forth in Section 25620.5.
      CHAPTER 2.  FINANCIAL ASSISTANCE


   26055.  (a) The state shall establish a program to provide
financial assistance in the form of loan guarantees and energy output
insurance guarantees to California-based entities.
   (b) The program shall approve financial assistance application for
an in-state manufacturing project that has reasonable prospects of
repayment and sufficient funds to complete the project.
   (c) The program shall identify qualified lender-applicants to be
responsible for the overall financial structure of the financial
assistance.
   (d) The program shall evaluate applications based on need, job
development benefit, environmental benefit, and financial risk.
   (e) To the extent funds are required to implement the program,
upon appropriation by the Legislature, the state may use federal
funds as authorized by federal law, state special funds, or private
funds to develop the program.
  SEC. 2.  This act is an urgency statute necessary for the immediate
preservation of the public peace, health, or safety within the
meaning of Article IV of the Constitution and shall go into immediate
effect. The facts constituting the necessity are:
   To expedite the promotion of California-based manufacturing and
California-based jobs, the reduction of greenhouse gas emissions, the
reduction in air and water pollution, and the reduction in energy
consumption by providing, as soon as possible, financial assistance
to projects undertaken by California-based companies, thereby
preserving the public peace, health, and safety, it is necessary for
this measure to take effect immediately.