Climate change: research, development, and demonstration: financial assistance.
The bill seeks to amend existing laws which require the State Energy Resources Conservation and Development Commission to develop programs that support advances in energy technology. By introducing a more flexible and agile financial assistance structure, the state aims to foster innovation in sectors that lack sufficient backing from existing markets. The initiative mentions the importance of addressing barriers that prevent the achievement of the state's energy goals, thereby encouraging technological breakthroughs that could offer long-term benefits.
Senate Bill 1350, introduced by Senator Stern, targets climate change by proposing a new model for financial assistance aimed at the research, development, and demonstration of innovative climate change mitigation technologies. This move comes amid California’s ongoing commitment to enhance its clean energy capabilities, as it recognizes its role as a leader in combating climate change. One of the key motivations behind the bill is the disproportionate investment in petroleum compared to clean energy research, with California reportedly spending only one cent on clean energy for every dollar spent on petroleum annually.
While the bill is largely seen as a progressive step towards enhancing California's clean energy infrastructure, it could raise concerns among certain stakeholders regarding the allocation of public funds. Critics may argue about the potential risks of investing heavily in technologies that are not yet commercially viable, raising questions about the effectiveness and transparency of such financial assistance models. Moreover, as the federal government is contemplating cuts to clean energy research investments, the state’s push for significant public investment could also lead to debates about resource prioritization and fiscal responsibility.