California air regulators update a key climate program, sparking pushback

California makes controversial change to cap-and-invest program

California's CARB board approved the Must Decarbonize Immediately (MDI) program risking $2.3–4 billion in carbon market revenues through 2030, potentially defunding clean transit and affordable housing. Regulatory uncertainty in carbon markets now threatens green tech investment stability; board safeguards were added but experts question whether they'll adequately protect climate-transition funding.