Government never is what is says it is. It is always the opposite.
So what can you expect?
Well, some of the money will go toward green projects on a case-by-case basis. But at some point, as businesses leave the state because they are sick of the taxes and regulations YOU imposed on them, the revenues will dry up.
And where will CA find itself?
Well, that's easy. It will find itself impoverished and with an inadequate power system to supply the people with electricity.
We call that a third world.
California expects to generate $500 million this year from auctioning off permits to emit carbon, and between $2 billion and $14 billion annually by 2015. This rich new vein of revenues was supposed to flow to green programs (e.g., solar subsidies), but Governor Jerry Brown cut a deal with Democrats in the legislature to seize this year's proceeds to finance more generous welfare and Medicaid benefits. Environmentalists are suddenly stunned to discover that they're not exempt from Sacramento's generally accepted accounting principle of raiding internal accounts to backfill the budget.