News & Events

California State Treasurer Fiona Ma, CPA, Issues Statement Following Governor Newsom Signing AB 786

CPCFA Now Called Capital Programs & Climate Financing Authority

SACRAMENTO – California Treasurer Fiona Ma, CPA, today issued the following statement after Governor Gavin Newsom signed AB 786 into law. “For more than 50 years, CPCFA has supported California’s environmental and economic goals. With the passage of AB 786, the Capital Programs & Climate Financing Authority’s new name reflects our continued commitment to financing projects that strengthen our communities and protect our environment. I want to thank Assemblymember José Luis Solache for authoring this important legislation and helping us align CPCFA’s mission with California’s climate future.”

AB 786, which takes effect on January 1, 2026, renames the California Pollution Control Financing Authority as the Capital Programs & Climate Financing Authority (CPCFA).

“AB 786 makes necessary updates that will eliminate confusion by more accurately reflecting the CPCFA’s current scope of work,” said Assemblymember José Luis Solache, Jr. “Importantly, this legislation increases transparency and accessibility. Thank you to Treasurer Ma for her partnership on this bill.”

CPCFA administers programs that encourage capital investment in projects advancing California’s environmental, economic, and climate policy goals.

Established within the State Treasurer’s Office in 1972 and operating since March 7, 1973, CPCFA was originally focused on financing industrial projects that reduced air and water pollution. Its updated name now represents the breadth of its work supporting California’s transition to a cleaner, more resilient economy.

On July 15, 2024, Assembly Bill (AB) 2731, sponsored by Assemblymember Carrillo, was signed into law by Governor Newsom. This change allows the addition of qualified carbon dioxide capture facilities as a new, eligible project type for the issuance of private activity Tax-Exempt Bonds within the CPCFA Bond Program.

A recent report by the Lawrence Livermore National Laboratory and the Clean Air Task Force identifies carbon dioxide capture storage as a tool that can be helpful to California’s goal to become carbon-neutral. At this time the only projects of this type that we are aware of being planned for California are pilot projects funded by the National Energy Commission.  Adding carbon dioxide capture facilities to our qualified project list places CPCFA in the position to assist in financing projects as the technology emerges.