1 00:00:00,520 --> 00:00:03,520 Speaker 1: This is Dana Perkins and you're listening to Switched on 2 00:00:03,920 --> 00:00:07,120 Speaker 1: the BNAF podcast. On today's show, we bring you an 3 00:00:07,120 --> 00:00:10,400 Speaker 1: interview from B and EF's recent summit in San Francisco, 4 00:00:10,680 --> 00:00:13,760 Speaker 1: which took place on the thirtieth and thirty first of January. 5 00:00:14,120 --> 00:00:17,280 Speaker 1: On stage, we were joined by California State Senator from 6 00:00:17,320 --> 00:00:20,800 Speaker 1: the eleventh District, Scott Wiener, and he was interviewed by 7 00:00:20,840 --> 00:00:24,880 Speaker 1: Corey Cantor, a senior associate focused on electrified transport for 8 00:00:25,000 --> 00:00:29,080 Speaker 1: US at BNF. Since joining California Senate in twenty sixteen, 9 00:00:29,360 --> 00:00:33,160 Speaker 1: Wiener has introduced bills focused on net neutrality, solar energy 10 00:00:33,200 --> 00:00:35,040 Speaker 1: and storage, and the environment. 11 00:00:35,400 --> 00:00:35,559 Speaker 2: Now. 12 00:00:35,680 --> 00:00:38,720 Speaker 1: For decades, California has been proactive when it comes to 13 00:00:38,840 --> 00:00:42,519 Speaker 1: environmental policy, ranging from a carbon market to legislation to 14 00:00:42,600 --> 00:00:46,120 Speaker 1: reduce internal combustion engine sales. So today we hear from 15 00:00:46,159 --> 00:00:49,440 Speaker 1: a policy maker who is actively involved in shaping what 16 00:00:49,520 --> 00:00:53,440 Speaker 1: happens in California. Scott shares his views on public transportation. 17 00:00:53,880 --> 00:00:56,640 Speaker 1: With California leading the rest of the United States in 18 00:00:56,760 --> 00:01:00,520 Speaker 1: terms of electric vehicle ownership and charging infrastructure, has too 19 00:01:00,560 --> 00:01:03,880 Speaker 1: much focus been placed on automobiles and could a public 20 00:01:03,920 --> 00:01:08,480 Speaker 1: transportation network including a intercity high speed rail be in 21 00:01:08,560 --> 00:01:11,640 Speaker 1: the state's future. They also talk about legislation and the 22 00:01:11,680 --> 00:01:15,399 Speaker 1: impact of recent bills which would require corporate disclosure of 23 00:01:15,440 --> 00:01:18,200 Speaker 1: scope one to two to three emissions in addition to 24 00:01:18,280 --> 00:01:21,080 Speaker 1: disclosure of their climate risk. And since it is an 25 00:01:21,120 --> 00:01:24,440 Speaker 1: election year, no interview would be complete without hearing his 26 00:01:24,600 --> 00:01:28,120 Speaker 1: views on what the outcome of the US presidential election 27 00:01:28,400 --> 00:01:31,640 Speaker 1: would have on the state of California. For more information 28 00:01:31,840 --> 00:01:34,399 Speaker 1: about the six b and EF summits taking place in 29 00:01:34,480 --> 00:01:37,319 Speaker 1: cities around the world, and to see replays of some 30 00:01:37,360 --> 00:01:39,800 Speaker 1: of the b and EF talks and debates delivered at 31 00:01:39,800 --> 00:01:43,720 Speaker 1: our recent event in San Francisco, head to about dot BNF, 32 00:01:43,880 --> 00:01:47,520 Speaker 1: dot com Forward Slash Summit And now let's hear our 33 00:01:47,520 --> 00:01:51,240 Speaker 1: conversation with Senator Scott Wiener at the BNF Summit in 34 00:01:51,280 --> 00:01:53,840 Speaker 1: San Francisco, moderated by Corey Canter. 35 00:02:03,440 --> 00:02:05,919 Speaker 2: Really happy to have Senator Wiener with us here today 36 00:02:06,320 --> 00:02:09,880 Speaker 2: to talk about some of my favorite topics electrification and transport, 37 00:02:10,240 --> 00:02:14,960 Speaker 2: climate change, and really the state of our policy and politics. 38 00:02:15,639 --> 00:02:18,920 Speaker 2: So Senator Wiener, maybe the start One of my favorite 39 00:02:19,000 --> 00:02:21,560 Speaker 2: kind of wonky reports came out yesterday, the California New 40 00:02:21,600 --> 00:02:24,400 Speaker 2: Car Dealers Report kind of showing the state of the 41 00:02:24,520 --> 00:02:27,679 Speaker 2: California EV market. And what the report found was one 42 00:02:27,680 --> 00:02:30,600 Speaker 2: in four car sales were electric for twenty twenty three, 43 00:02:30,880 --> 00:02:34,680 Speaker 2: just about so at a high level, where do you 44 00:02:34,720 --> 00:02:37,480 Speaker 2: think the state of California is when it comes to 45 00:02:37,520 --> 00:02:38,359 Speaker 2: the EV transition? 46 00:02:39,440 --> 00:02:43,000 Speaker 3: Well, first of all, thank you for having me. California 47 00:02:43,240 --> 00:02:47,400 Speaker 3: is absolutely leaving the nation in terms of transition to 48 00:02:47,600 --> 00:02:53,880 Speaker 3: zero emission vehicles, both cars and trucks. We are, as 49 00:02:53,880 --> 00:02:57,560 Speaker 3: you mentioned, the quarter of new car sales are zero emission. 50 00:02:58,560 --> 00:03:03,000 Speaker 3: It's been accelerating. We are actually ahead of goals that 51 00:03:03,000 --> 00:03:05,760 Speaker 3: were set a decade or so ago in terms of 52 00:03:05,960 --> 00:03:11,040 Speaker 3: number of cars and trucks being sold, the percentage so forth, 53 00:03:11,120 --> 00:03:14,120 Speaker 3: were several years ahead. That doesn't mean that we should 54 00:03:14,360 --> 00:03:18,480 Speaker 3: rest inner, Laurels. We should accelerate that transition and move 55 00:03:18,520 --> 00:03:19,720 Speaker 3: away from fossil fuels. 56 00:03:20,440 --> 00:03:22,520 Speaker 2: And in terms of your role as a state senator, 57 00:03:22,639 --> 00:03:25,800 Speaker 2: you know we had officials yesterday from the CEC. We 58 00:03:25,880 --> 00:03:29,480 Speaker 2: had a chair when we Randolph from carb How does 59 00:03:29,520 --> 00:03:31,480 Speaker 2: the state legislature play a role in this kind of 60 00:03:31,520 --> 00:03:34,640 Speaker 2: transition compared to you know, writing rules. California is pretty 61 00:03:34,720 --> 00:03:37,080 Speaker 2: much a powerhouse, so you've got a lot of policymakers 62 00:03:37,120 --> 00:03:38,000 Speaker 2: working on this topic. 63 00:03:38,320 --> 00:03:43,080 Speaker 3: Yeah, I mean fundamentally, the legislature, we appropriate the funds, 64 00:03:43,160 --> 00:03:45,560 Speaker 3: and so for example, a couple of years ago, when 65 00:03:45,600 --> 00:03:48,400 Speaker 3: we had a mega budget surplus, it turns out it 66 00:03:48,440 --> 00:03:50,520 Speaker 3: was not as big as we thought it was. We 67 00:03:51,560 --> 00:03:56,560 Speaker 3: invested fifty billion dollars in one year to the clean 68 00:03:56,680 --> 00:04:01,600 Speaker 3: energy transition, which is just extraordinary, right, and even with 69 00:04:01,720 --> 00:04:06,120 Speaker 3: a bad budget situation, now that's only minimally being impacted. 70 00:04:06,760 --> 00:04:12,120 Speaker 3: But we also are working towards regulatory reform California like 71 00:04:12,160 --> 00:04:15,680 Speaker 3: some other states, but we do it particularly well well 72 00:04:15,760 --> 00:04:21,359 Speaker 3: or really poorly, because it's bad. Sometimes we enact so 73 00:04:21,600 --> 00:04:25,600 Speaker 3: much red tape and so much review and process that 74 00:04:25,640 --> 00:04:28,560 Speaker 3: even when we have the money, it takes us too 75 00:04:28,600 --> 00:04:31,680 Speaker 3: long to deployee, whether it's new housing, new public transportation, 76 00:04:31,880 --> 00:04:35,719 Speaker 3: new clean energy, new transmission infrastructure. And so we have 77 00:04:35,800 --> 00:04:41,120 Speaker 3: been trying to streamline whether it's charging stations or other 78 00:04:41,160 --> 00:04:45,880 Speaker 3: clean energy forms of energy, clean energy transition, great and charging. 79 00:04:45,880 --> 00:04:47,320 Speaker 2: I think because we heard just through that here is 80 00:04:47,360 --> 00:04:49,640 Speaker 2: a real major issues for anything you can do to 81 00:04:49,720 --> 00:04:52,640 Speaker 2: kind of streamline that process will be helpful. And you 82 00:04:52,680 --> 00:04:55,040 Speaker 2: mentioned the kind of big goals that California has had 83 00:04:55,080 --> 00:04:59,159 Speaker 2: and met for the electric vehicle transition moving forward, you know, 84 00:04:59,279 --> 00:05:01,440 Speaker 2: you have the advanta clean Cars two policy with the 85 00:05:01,440 --> 00:05:04,400 Speaker 2: one hundred percent target by twenty thirty five. I'm from 86 00:05:04,440 --> 00:05:06,960 Speaker 2: the East coast, from New Jersey. They've signed on to 87 00:05:07,040 --> 00:05:09,799 Speaker 2: clean Cars two in the Tri State. It's not uniform. 88 00:05:09,839 --> 00:05:13,440 Speaker 2: Connecticut's been having a hard time with, you know, choosing 89 00:05:13,440 --> 00:05:16,080 Speaker 2: to follow that policy. For those who say that one 90 00:05:16,160 --> 00:05:19,040 Speaker 2: hundred percent you know ev or zero mission share of 91 00:05:19,080 --> 00:05:21,920 Speaker 2: sale by twenty thirty five is too much, you know, 92 00:05:22,120 --> 00:05:25,120 Speaker 2: what's your perspective on that is? Are things moving? You know, 93 00:05:25,240 --> 00:05:28,720 Speaker 2: maybe faster than you expected? Is twenty thirty five the 94 00:05:28,800 --> 00:05:30,840 Speaker 2: right target? Should it be sooner? Should it be later? 95 00:05:32,160 --> 00:05:34,719 Speaker 2: I think it should be as quickly as humanly possible. 96 00:05:34,960 --> 00:05:36,480 Speaker 2: I think yes we can do that. 97 00:05:36,600 --> 00:05:41,240 Speaker 3: It's obviously it's hard, but you know, with with the 98 00:05:41,320 --> 00:05:46,280 Speaker 3: right incentives and the right public policy and with the will, 99 00:05:46,040 --> 00:05:49,360 Speaker 3: we can get it done. And we've just got to 100 00:05:49,400 --> 00:05:54,240 Speaker 3: get off the fossil fuels. It's it's just so unsustainable 101 00:05:54,279 --> 00:05:57,359 Speaker 3: and it's maddening that we continue to have these fights. 102 00:05:57,400 --> 00:05:59,680 Speaker 3: But yes, we absolutely can do it if we want 103 00:05:59,720 --> 00:06:00,760 Speaker 3: to do it. 104 00:06:00,839 --> 00:06:02,600 Speaker 2: And so I gave you in a sense, the argument 105 00:06:02,640 --> 00:06:05,320 Speaker 2: for maybe the right of things are moving too fast 106 00:06:05,400 --> 00:06:08,400 Speaker 2: and these policies are kind of forcing people in the direction. 107 00:06:09,000 --> 00:06:11,200 Speaker 2: If you spend a lot of time on Twitter, which 108 00:06:11,200 --> 00:06:13,240 Speaker 2: I maybe do too much of, you get maybe the 109 00:06:13,400 --> 00:06:16,159 Speaker 2: kind of progressive left the argument around, well, what about 110 00:06:16,200 --> 00:06:18,920 Speaker 2: public transit. We're spending so much time talking about cars 111 00:06:18,960 --> 00:06:21,839 Speaker 2: and talking about, you know, moving people from gas to 112 00:06:22,200 --> 00:06:26,920 Speaker 2: private EV. Do you think California has done, you know, 113 00:06:27,160 --> 00:06:29,760 Speaker 2: light enough on public transit? Is there more they do 114 00:06:30,320 --> 00:06:32,840 Speaker 2: or do you think the EV focus is where policymakers 115 00:06:32,880 --> 00:06:34,680 Speaker 2: heads should be at currently we have. 116 00:06:34,720 --> 00:06:38,680 Speaker 3: Not California has not done it nearly enough on public transportation. 117 00:06:40,080 --> 00:06:44,880 Speaker 3: We are falling behind, We're losing grounds. And I support 118 00:06:44,960 --> 00:06:48,120 Speaker 3: the transitions to zero emission vehicles, but we also need 119 00:06:48,160 --> 00:06:50,400 Speaker 3: to be very clear that a car is a car, 120 00:06:50,760 --> 00:06:53,159 Speaker 3: and yes, you can have a car that strangles the 121 00:06:53,240 --> 00:06:57,800 Speaker 3: planet by burning oil, but then then have a car 122 00:06:57,880 --> 00:07:03,440 Speaker 3: that doesn't. But both of those are incredibly resource intensive 123 00:07:03,880 --> 00:07:12,800 Speaker 3: to build, require massive road infrastructure with huge costs. They 124 00:07:14,200 --> 00:07:17,960 Speaker 3: destroy cities in some ways, not destroyers overstating it. They 125 00:07:18,080 --> 00:07:23,440 Speaker 3: really distort cities or some amazing cities in the US 126 00:07:23,640 --> 00:07:26,520 Speaker 3: that then got rebuilt around the needs of cars in 127 00:07:26,640 --> 00:07:29,400 Speaker 3: terms of roads and massive amounts of parking. It takes 128 00:07:29,480 --> 00:07:32,880 Speaker 3: up so much space, it creates all sorts of risk 129 00:07:32,960 --> 00:07:37,760 Speaker 3: and danger to people on our roads. And that's true 130 00:07:37,800 --> 00:07:41,880 Speaker 3: whether it's a zero emission or a fossil fuel burning car. 131 00:07:42,040 --> 00:07:45,400 Speaker 3: And so we need to move away from this extreme 132 00:07:45,520 --> 00:07:49,120 Speaker 3: car dependence have world class transit, and that means having 133 00:07:49,120 --> 00:07:53,400 Speaker 3: a true statewide rail system. It should not take twice 134 00:07:53,440 --> 00:07:56,040 Speaker 3: as long to take the train from the Bay Area 135 00:07:56,120 --> 00:07:58,640 Speaker 3: to la as it does to drive, which is true 136 00:07:58,680 --> 00:08:01,559 Speaker 3: right now, that's horror, and so we need high speed 137 00:08:01,640 --> 00:08:07,440 Speaker 3: rail and we need to get over our addiction to cars. 138 00:08:07,480 --> 00:08:11,280 Speaker 3: And I will also add one bad trajectory and the 139 00:08:11,400 --> 00:08:16,840 Speaker 3: zero emission transition, is that, as with fossil fuel cars, 140 00:08:17,160 --> 00:08:19,760 Speaker 3: zero mission cars are getting bigger and have bigger and 141 00:08:19,760 --> 00:08:23,120 Speaker 3: bigger and all these mega SUVs, zero mission vehicles which 142 00:08:23,160 --> 00:08:26,840 Speaker 3: consume more energy, which are very dangerous for anyone other 143 00:08:26,880 --> 00:08:30,480 Speaker 3: than the person inside, which take up too much space, 144 00:08:30,560 --> 00:08:35,280 Speaker 3: and we need to absolutely move away from these mega, huge, 145 00:08:35,480 --> 00:08:39,359 Speaker 3: zero mission vehicles. And that could mean a law restricting 146 00:08:39,400 --> 00:08:41,440 Speaker 3: the size of vehicles, which I know people want to 147 00:08:41,679 --> 00:08:43,959 Speaker 3: have the freedom to drive a tank down the street 148 00:08:44,000 --> 00:08:46,440 Speaker 3: but that's not in society's best interest. 149 00:08:46,800 --> 00:08:50,200 Speaker 2: But on the point around safety, I think there's an 150 00:08:50,240 --> 00:08:52,760 Speaker 2: element of that that is true that basically with electric 151 00:08:52,800 --> 00:08:55,560 Speaker 2: vehicles you do have a battery in it. At every level, 152 00:08:55,559 --> 00:08:57,559 Speaker 2: there's a little bit of weight added right to kind 153 00:08:57,559 --> 00:09:00,800 Speaker 2: of compensate obviously other kind of benefit of going electric 154 00:09:00,840 --> 00:09:02,120 Speaker 2: in terms of the parts you're getting out in a 155 00:09:02,120 --> 00:09:05,679 Speaker 2: potential maintenance. On safety, you introduced a bill speaking of 156 00:09:05,760 --> 00:09:09,800 Speaker 2: i'd say controversial topics last week around capping the miles 157 00:09:09,840 --> 00:09:13,440 Speaker 2: per hour by about ten or encouraging I guess auto 158 00:09:13,440 --> 00:09:15,559 Speaker 2: makers to do so. Can you explain this bill a 159 00:09:15,559 --> 00:09:17,800 Speaker 2: little bit. I know I made a lot of news, it. 160 00:09:17,880 --> 00:09:23,280 Speaker 3: Did a lot of opinions. So the bill will require 161 00:09:23,480 --> 00:09:27,959 Speaker 3: new cars manufactured or sold in California by twenty twenty 162 00:09:28,000 --> 00:09:33,160 Speaker 3: seven to come with a speed limitter or a speed 163 00:09:33,160 --> 00:09:38,040 Speaker 3: governor that would cap speeds at ten miles over the 164 00:09:38,080 --> 00:09:41,480 Speaker 3: speed limit. It would still remain illegal to go one 165 00:09:41,520 --> 00:09:44,320 Speaker 3: mile over the speed limit, but physically you would be 166 00:09:44,400 --> 00:09:46,480 Speaker 3: unable to go more than ten miles over the speed 167 00:09:46,559 --> 00:09:53,720 Speaker 3: limit with an emergency override for extreme situations. Over four 168 00:09:53,760 --> 00:09:57,120 Speaker 3: thousand Californians are dying every year on our roads. That 169 00:09:57,240 --> 00:09:59,720 Speaker 3: is a twenty percent increase over the last five years. 170 00:10:00,040 --> 00:10:03,640 Speaker 3: It's also going up nationally. Even though we become very 171 00:10:03,720 --> 00:10:09,959 Speaker 3: numb to traffic fatality character fatalities, drivers, pedestrian, cyclists. We 172 00:10:10,360 --> 00:10:13,079 Speaker 3: sometimes it's tempting to view it as just a normal 173 00:10:13,120 --> 00:10:15,920 Speaker 3: part of life. It is not normal. It does not 174 00:10:16,120 --> 00:10:18,520 Speaker 3: have to be that way. Other wealthy nations do not 175 00:10:18,720 --> 00:10:22,960 Speaker 3: have that problem. And there are various reasons why we 176 00:10:23,000 --> 00:10:24,600 Speaker 3: have that problem, and one of them is that we 177 00:10:24,679 --> 00:10:30,720 Speaker 3: drive so damn fast. And so this is an existing technology. 178 00:10:30,760 --> 00:10:34,440 Speaker 3: There are already cars being manufactured with this technology. The 179 00:10:34,520 --> 00:10:37,760 Speaker 3: EU is moving towards a form of this. Some cities 180 00:10:37,800 --> 00:10:41,440 Speaker 3: are transitioning to their municipal fleets to have these speed limitters, 181 00:10:42,080 --> 00:10:45,480 Speaker 3: and California should lead on this. And it has been 182 00:10:45,480 --> 00:10:49,800 Speaker 3: a political warshock test in terms of the reaction, people 183 00:10:49,800 --> 00:10:52,640 Speaker 3: having very reactions. 184 00:10:52,280 --> 00:10:54,200 Speaker 2: A lot of support coming out in favor of it, 185 00:10:54,360 --> 00:10:56,839 Speaker 2: or has it been mostly people who are concerned about 186 00:10:56,920 --> 00:10:57,640 Speaker 2: you know, overreach. 187 00:10:58,040 --> 00:11:03,120 Speaker 3: Well, opposition and anger always motivate people to speak up more. 188 00:11:03,679 --> 00:11:06,160 Speaker 3: You just have to look at Twitter for that. But 189 00:11:07,280 --> 00:11:10,199 Speaker 3: there's a lot of support and a lot of opposition 190 00:11:10,360 --> 00:11:14,520 Speaker 3: for sure there And I've literally had spouses who I 191 00:11:14,559 --> 00:11:17,040 Speaker 3: know who will text me separately, one of them saying 192 00:11:17,040 --> 00:11:19,240 Speaker 3: this is a horrible idea, and one of them saying 193 00:11:19,240 --> 00:11:21,880 Speaker 3: this is an awesome idea. And that is very reflective 194 00:11:22,280 --> 00:11:24,360 Speaker 3: of I think where a lot of people are. You know, 195 00:11:24,400 --> 00:11:27,920 Speaker 3: I think fundamentally, you know, people have this notion I have. 196 00:11:28,080 --> 00:11:29,800 Speaker 3: Don't tell me what to do. I have a freedom 197 00:11:30,000 --> 00:11:34,040 Speaker 3: to drive however fast fast, however fast I want. And 198 00:11:34,080 --> 00:11:35,760 Speaker 3: if I want to risk a ticket, that's on me 199 00:11:35,920 --> 00:11:39,320 Speaker 3: to risk that. And I'm all for personal freedom, but 200 00:11:39,440 --> 00:11:44,040 Speaker 3: personal freedom ends when you are risking killing or maiming 201 00:11:44,880 --> 00:11:49,240 Speaker 3: other people. And when people are driving at ninety one 202 00:11:49,280 --> 00:11:52,079 Speaker 3: hundred miles an hour or sixty miles an hour through 203 00:11:52,080 --> 00:11:56,960 Speaker 3: a residential neighborhood, that is creating huge risk for other people, 204 00:11:57,040 --> 00:11:59,079 Speaker 3: and you do not have a right to engage in 205 00:11:59,160 --> 00:12:03,160 Speaker 3: behavior could make someone a quadriplegic or kill them. 206 00:12:03,679 --> 00:12:06,000 Speaker 2: Well, shifting gears a little bit away from cars to 207 00:12:06,040 --> 00:12:09,600 Speaker 2: another I think piece of legislation that has been called 208 00:12:09,640 --> 00:12:13,240 Speaker 2: both controversial but also a landmark climate disclosure by The 209 00:12:13,280 --> 00:12:16,560 Speaker 2: New York Times. You were the author of a greenhouse 210 00:12:16,600 --> 00:12:19,720 Speaker 2: guest emission disclosure bill. A lot of folks here in 211 00:12:19,720 --> 00:12:21,640 Speaker 2: the room. Some may be familiar with it, some may 212 00:12:21,640 --> 00:12:23,400 Speaker 2: not be. So can you talk at a high level 213 00:12:23,880 --> 00:12:25,640 Speaker 2: what your bill would do, and then I'll ask you 214 00:12:25,640 --> 00:12:27,080 Speaker 2: a little bit about its companion bill. 215 00:12:27,320 --> 00:12:31,600 Speaker 3: Sure. So last year it took three years, sent a 216 00:12:31,600 --> 00:12:33,960 Speaker 3: bill two fifty three paths and the governor signed it. 217 00:12:34,760 --> 00:12:41,200 Speaker 3: And it is a law that requires large corporations with 218 00:12:41,480 --> 00:12:44,040 Speaker 3: a gross annual revenue of a billion dollars or more 219 00:12:44,080 --> 00:12:49,360 Speaker 3: who do business in California, requires them to disclose their 220 00:12:49,520 --> 00:12:54,120 Speaker 3: entire carbon footprint, including scope one, which is cooperation, Scope two, 221 00:12:54,600 --> 00:12:57,360 Speaker 3: which is energy usage and a few other things, and 222 00:12:57,440 --> 00:13:02,880 Speaker 3: Scope three, which includes, among other things, supply chain. This 223 00:13:03,120 --> 00:13:08,080 Speaker 3: is an existing methodology. We didn't create a new methodology, 224 00:13:08,120 --> 00:13:11,760 Speaker 3: the GHG protocols. There are major corporate some of the 225 00:13:11,800 --> 00:13:15,640 Speaker 3: largest companies in the world are already doing this, and 226 00:13:15,960 --> 00:13:18,680 Speaker 3: we think that they all should be doing this so 227 00:13:18,720 --> 00:13:22,720 Speaker 3: that we have that data, so the public investors don't 228 00:13:22,720 --> 00:13:26,640 Speaker 3: have to rely on representations and can actually look at 229 00:13:26,679 --> 00:13:31,040 Speaker 3: the data themselves. So this is really a world leading 230 00:13:31,640 --> 00:13:34,480 Speaker 3: effort here in California, and I'm so grateful to my 231 00:13:34,559 --> 00:13:37,040 Speaker 3: colleagues and to the governor for helping us enact it 232 00:13:37,120 --> 00:13:37,600 Speaker 3: into law. 233 00:13:37,720 --> 00:13:39,960 Speaker 2: So when would this policy go into into play As 234 00:13:39,960 --> 00:13:40,959 Speaker 2: a twenty twenty. 235 00:13:40,720 --> 00:13:46,160 Speaker 3: Six it's basically a five year ramp up. The California 236 00:13:46,240 --> 00:13:50,400 Speaker 3: Resources Board now needs to be coming up with the 237 00:13:50,480 --> 00:13:55,440 Speaker 3: implementing regulations. Disclosures will start in twenty twenty six, and 238 00:13:55,480 --> 00:13:59,360 Speaker 3: then Scope three, which is for many companies of over 239 00:13:59,440 --> 00:14:04,240 Speaker 3: ninety percent the carbon emissions, that starts in twenty seven, 240 00:14:04,480 --> 00:14:09,040 Speaker 3: and then the full everything is implemented by twenty thirty. 241 00:14:09,120 --> 00:14:11,800 Speaker 3: So we have a gradual ramp up, understanding that for 242 00:14:11,880 --> 00:14:15,680 Speaker 3: some companies it's a transition, but we're really excited about this. 243 00:14:15,800 --> 00:14:19,520 Speaker 3: And about fifty five it applies to both publicly traded 244 00:14:19,640 --> 00:14:24,280 Speaker 3: and privately held interesting companies, so we can include corporations 245 00:14:24,280 --> 00:14:27,560 Speaker 3: that the SEC may not be able to include. And 246 00:14:27,600 --> 00:14:31,920 Speaker 3: so it's about fifty five hundred large corporations and it's 247 00:14:31,960 --> 00:14:32,920 Speaker 3: going to be fantastic. 248 00:14:33,440 --> 00:14:36,200 Speaker 2: And at the same time you have this GHG bill, 249 00:14:36,240 --> 00:14:38,040 Speaker 2: you have a climate risk bill that you were a 250 00:14:38,040 --> 00:14:41,120 Speaker 2: sponsor on or a lead sponsor. How does that bill 251 00:14:41,160 --> 00:14:43,120 Speaker 2: work differently or is it pretty similar in terms of 252 00:14:43,120 --> 00:14:43,600 Speaker 2: a structure. 253 00:14:43,680 --> 00:14:46,480 Speaker 3: Yeah, so that's Center Bill two sixty one. The lead 254 00:14:46,480 --> 00:14:49,640 Speaker 3: author was my colleague from Los Angeles Senator Henry Stern, 255 00:14:49,720 --> 00:14:51,600 Speaker 3: and we have the two of us partnered really on 256 00:14:51,640 --> 00:14:57,440 Speaker 3: both bills. And that bill will require corporations doing business 257 00:14:57,480 --> 00:15:01,080 Speaker 3: in California with gross annual revenue five hundred million or 258 00:15:01,120 --> 00:15:06,280 Speaker 3: more to disclose their their climate risk, which is important, 259 00:15:06,800 --> 00:15:10,440 Speaker 3: you know, for the markets and for all sorts of reasons. 260 00:15:11,480 --> 00:15:13,520 Speaker 2: So for both these bills, I know have been busy 261 00:15:13,560 --> 00:15:15,280 Speaker 2: at the be NF some of the last there so 262 00:15:15,520 --> 00:15:17,920 Speaker 2: I haven't read the latest news, but last week I 263 00:15:18,000 --> 00:15:20,600 Speaker 2: was reading that some funds have been frozen in terms 264 00:15:20,640 --> 00:15:22,960 Speaker 2: of implementation. What's the latest status on that kind of 265 00:15:22,960 --> 00:15:25,280 Speaker 2: budget battle. I know you've been up in Sacramento working 266 00:15:25,320 --> 00:15:26,920 Speaker 2: on year end budget. 267 00:15:27,200 --> 00:15:30,640 Speaker 3: Yeah. The governor and I'm a supporter of the governor, 268 00:15:30,640 --> 00:15:34,680 Speaker 3: he's a friend. The governor did this thing. It's it's 269 00:15:34,720 --> 00:15:38,760 Speaker 3: like these there are certain governor tricks that governors do 270 00:15:39,520 --> 00:15:44,200 Speaker 3: during deficity years. Arnold Schwartzener or the two apparently, which 271 00:15:44,240 --> 00:15:47,400 Speaker 3: is he basically he proposed a but we have a 272 00:15:47,400 --> 00:15:50,160 Speaker 3: big budget deficit, so he proposed his first draft of 273 00:15:50,160 --> 00:15:55,400 Speaker 3: a budget earlier this month, which basically for I don't 274 00:15:55,400 --> 00:15:57,640 Speaker 3: know if it's all or just a lot of the 275 00:15:57,720 --> 00:16:00,520 Speaker 3: laws that we passed and were signed into law last 276 00:16:00,560 --> 00:16:06,160 Speaker 3: year basically proposed like zeroing out the funding to implement 277 00:16:06,280 --> 00:16:09,120 Speaker 3: those laws. So it wasn't only these two bills, it 278 00:16:09,240 --> 00:16:12,120 Speaker 3: was a lot of builds. I understand that this is 279 00:16:12,200 --> 00:16:16,000 Speaker 3: like a trick that governors used because the goal is 280 00:16:16,400 --> 00:16:19,840 Speaker 3: to then force the legislature as budget negotiations happened to 281 00:16:19,880 --> 00:16:22,960 Speaker 3: force us to negotiate to fund the bills that we 282 00:16:23,120 --> 00:16:26,000 Speaker 3: authored and that the governor signed. My view is that 283 00:16:26,040 --> 00:16:28,960 Speaker 3: it is not subject to negotiation. A law is either 284 00:16:29,000 --> 00:16:31,600 Speaker 3: a law or it's not a law. We already went 285 00:16:31,600 --> 00:16:34,720 Speaker 3: through an intense screening process last year, including for cost 286 00:16:34,880 --> 00:16:37,800 Speaker 3: on a huge number of bills. And if a law 287 00:16:37,840 --> 00:16:40,880 Speaker 3: has been passed and signed into law, into the law 288 00:16:41,200 --> 00:16:44,320 Speaker 3: into law, it is the law of the lands. And 289 00:16:44,440 --> 00:16:47,760 Speaker 3: we either have rule of law in California or we don't. 290 00:16:48,200 --> 00:16:50,920 Speaker 3: And we should never be setting a precedent and governors 291 00:16:51,000 --> 00:16:53,800 Speaker 3: should never be setting a precedent that if a law 292 00:16:53,840 --> 00:16:57,520 Speaker 3: has been enacted it may not actually be a real law, 293 00:16:57,560 --> 00:16:59,560 Speaker 3: because then we have to go through the process again. 294 00:16:59,600 --> 00:17:03,520 Speaker 3: That that would be a terrible black eye for California 295 00:17:03,560 --> 00:17:05,560 Speaker 3: in terms of our adherence to the rule of law. 296 00:17:06,200 --> 00:17:08,239 Speaker 2: And I think that actually launches us into a bit 297 00:17:08,320 --> 00:17:10,160 Speaker 2: of the last topic I wanted to talk about about 298 00:17:10,200 --> 00:17:13,080 Speaker 2: California's role as a leader in the US. Growing up 299 00:17:13,080 --> 00:17:15,439 Speaker 2: in New Jersey, they're always used to hear the phrase, 300 00:17:15,480 --> 00:17:20,280 Speaker 2: so goes California, so goes the nation. But you know, 301 00:17:20,359 --> 00:17:24,160 Speaker 2: policy freezes changes in things like even outside the scope 302 00:17:24,160 --> 00:17:30,080 Speaker 2: of transport solar incentives. Is California still a leader in 303 00:17:30,119 --> 00:17:32,679 Speaker 2: the same way there have been suggestions by interest groups 304 00:17:32,720 --> 00:17:36,199 Speaker 2: in California that maybe California shouldn't be leading on climate 305 00:17:36,200 --> 00:17:38,560 Speaker 2: policy anymore in the way that it has. So from 306 00:17:38,600 --> 00:17:42,399 Speaker 2: your perspective, with all of these policies in flux, you know, 307 00:17:42,840 --> 00:17:45,640 Speaker 2: is California currently remaining a leader and what is California 308 00:17:45,720 --> 00:17:47,600 Speaker 2: need to do to kind of maintain its leadership. 309 00:17:47,960 --> 00:17:51,000 Speaker 3: The answer is generally yes, And yes, we're always going 310 00:17:51,080 --> 00:17:54,159 Speaker 3: to have the climate deniers and the climate delayers who 311 00:17:54,840 --> 00:18:00,159 Speaker 3: don't want California to lead. California continues to lead the 312 00:18:00,200 --> 00:18:03,439 Speaker 3: massive investment we've been making in clean energy, what we 313 00:18:03,480 --> 00:18:07,960 Speaker 3: talked about earlier with zero emission vehicles, some of the 314 00:18:08,000 --> 00:18:13,959 Speaker 3: work that's happening around building decarbonization, so we are continuing 315 00:18:14,160 --> 00:18:17,000 Speaker 3: to lead, or the carbon disclosures. Yeah, and I'm very 316 00:18:17,080 --> 00:18:20,920 Speaker 3: proud of that we are falling short in some areas. 317 00:18:21,560 --> 00:18:28,280 Speaker 3: So California for decades led on distributed energy resources rooftop 318 00:18:28,400 --> 00:18:33,080 Speaker 3: and similar forms of solar and energy storage, and the 319 00:18:33,119 --> 00:18:38,600 Speaker 3: California Public Utilities Commission, which seems focused like a laser 320 00:18:38,880 --> 00:18:43,800 Speaker 3: on destroying rooftop solar in California, which is rooftop solar 321 00:18:43,880 --> 00:18:47,800 Speaker 3: is essential for our clean energy transition. Yes, we need 322 00:18:47,880 --> 00:18:54,720 Speaker 3: utility scale solar, absolutely, but we also need distributed, decentralized solar. 323 00:18:55,040 --> 00:18:57,920 Speaker 3: And the California Public Utilities Commission, which it might view, 324 00:18:57,960 --> 00:19:00,480 Speaker 3: should lose jurisdiction over solar it's proved and that it's 325 00:19:00,520 --> 00:19:04,200 Speaker 3: not capable of effectively overseeing it, should move over to 326 00:19:04,280 --> 00:19:11,040 Speaker 3: the Energy Commission or some other agency. Uh. Basically totally 327 00:19:12,320 --> 00:19:18,040 Speaker 3: slashed the subsidies and the supports and the incentives for 328 00:19:18,119 --> 00:19:21,440 Speaker 3: people to install rooftop solar to the point where the 329 00:19:21,480 --> 00:19:26,840 Speaker 3: solar industry in California is unraveling. And you know, and 330 00:19:26,920 --> 00:19:30,600 Speaker 3: the governor the original version was even worse, and the 331 00:19:30,640 --> 00:19:34,399 Speaker 3: governor directed or that he can't direct, but requested that 332 00:19:34,440 --> 00:19:37,840 Speaker 3: the CPUC go back to the drawing board. They did, 333 00:19:37,880 --> 00:19:40,720 Speaker 3: and then they came back with a less terrible plan, 334 00:19:40,800 --> 00:19:43,240 Speaker 3: but it's still terrible, and I really hope that the 335 00:19:43,280 --> 00:19:46,680 Speaker 3: governor sends them back to the drawing board again. I 336 00:19:46,720 --> 00:19:49,840 Speaker 3: think there will be a legislation this year to try 337 00:19:49,880 --> 00:19:52,200 Speaker 3: to deal with it, But the pg and ees of 338 00:19:52,240 --> 00:19:56,080 Speaker 3: the world are still quite powerful in the legislature. They 339 00:19:56,119 --> 00:19:59,480 Speaker 3: should not be, but they are. And this is a 340 00:19:59,520 --> 00:20:01,960 Speaker 3: real tech for California. And the other area where we 341 00:20:02,000 --> 00:20:07,280 Speaker 3: are real risk is around public transportation and rail. Were 342 00:20:07,320 --> 00:20:10,240 Speaker 3: trying to do more to shore up transit and expand 343 00:20:10,320 --> 00:20:14,600 Speaker 3: it and high speed rail. It's maddening to me. As 344 00:20:14,640 --> 00:20:17,600 Speaker 3: I mentioned before, we don't have true statewide rail system 345 00:20:17,640 --> 00:20:20,600 Speaker 3: in California, and there's been this the right wing pr 346 00:20:20,720 --> 00:20:25,280 Speaker 3: machine that characterizes high speed rail as the trains nowhere 347 00:20:25,600 --> 00:20:30,639 Speaker 3: San Francisco, La Fresno or not nowhere, and they have 348 00:20:30,760 --> 00:20:34,760 Speaker 3: delayed and obstructed and obstructed, which has caused the costs 349 00:20:34,800 --> 00:20:38,040 Speaker 3: to escalate, and then they blame High Speed Rail Authority 350 00:20:38,320 --> 00:20:41,080 Speaker 3: for the escalated costs that they helped the cause by 351 00:20:41,160 --> 00:20:44,400 Speaker 3: obstructing and delaying the project. So we have to get 352 00:20:44,400 --> 00:20:45,040 Speaker 3: that done. 353 00:20:45,359 --> 00:20:48,359 Speaker 2: Yeah, So across the board, I think there's real challenges. 354 00:20:48,400 --> 00:20:51,119 Speaker 2: But as you've noted, California continues to leave in terms 355 00:20:51,119 --> 00:20:54,159 Speaker 2: of zero mission and some of its policies that are 356 00:20:54,200 --> 00:20:56,000 Speaker 2: yet to be in place. The reason why I asked 357 00:20:56,000 --> 00:20:57,560 Speaker 2: that we've been talking a lot at the conference and 358 00:20:57,560 --> 00:21:00,800 Speaker 2: maybe to close about twenty twenty four as an election year. 359 00:21:01,080 --> 00:21:03,919 Speaker 2: And you know, there's two very different candidates running in 360 00:21:04,240 --> 00:21:08,040 Speaker 2: Donald Trump and President Biden. You know, assuming that if 361 00:21:08,040 --> 00:21:10,680 Speaker 2: Donald Trump were to win, how do you think California 362 00:21:10,720 --> 00:21:13,639 Speaker 2: should respond in such a situation given its you know, 363 00:21:13,680 --> 00:21:16,679 Speaker 2: previous leadership, but also some of the challenges that you mentioned. 364 00:21:16,760 --> 00:21:20,760 Speaker 3: Yeah, and it's you know, speaking of maddening and frustrating. 365 00:21:21,440 --> 00:21:25,160 Speaker 3: You know, Joe Biden is one of the most successful 366 00:21:25,240 --> 00:21:29,800 Speaker 3: presidents in modern US history, but he the public, for 367 00:21:29,840 --> 00:21:32,240 Speaker 3: whatever reason, doesn't want to give him credit for any 368 00:21:32,359 --> 00:21:35,040 Speaker 3: of the good things he's done. I mean, numbers just 369 00:21:35,160 --> 00:21:37,560 Speaker 3: came out today Axio's head of things, sorry to quote 370 00:21:37,600 --> 00:21:42,560 Speaker 3: another application comparing just put a nice chart comparing GDP 371 00:21:42,720 --> 00:21:45,280 Speaker 3: growth in the US to other wealthy nations. We are 372 00:21:46,080 --> 00:21:50,280 Speaker 3: like hugely ahead of the EU of Japan, et cetera. 373 00:21:51,200 --> 00:21:53,800 Speaker 3: And part of that is because of the massive investments 374 00:21:53,880 --> 00:21:56,679 Speaker 3: that we've been making under Biden the President's leadership. But 375 00:21:56,720 --> 00:22:00,480 Speaker 3: he doesn't get the credit if if Trump comes back, 376 00:22:00,520 --> 00:22:02,240 Speaker 3: I mean, we had to deal with that for four 377 00:22:02,320 --> 00:22:05,000 Speaker 3: years in California and we fought him and we will 378 00:22:05,000 --> 00:22:10,439 Speaker 3: fight him again. We just you know, it will absolutely 379 00:22:10,680 --> 00:22:14,520 Speaker 3: hinder our ability to advance in terms of some of 380 00:22:14,560 --> 00:22:18,520 Speaker 3: these financial investments that have been so impactful in terms 381 00:22:18,520 --> 00:22:22,480 Speaker 3: of what might happen for on immigration, and immigration makes 382 00:22:22,560 --> 00:22:26,600 Speaker 3: us stronger in many ways, including shoring up our workforce. 383 00:22:27,600 --> 00:22:31,960 Speaker 3: And God forbid, he wins and they and the Republicans 384 00:22:32,040 --> 00:22:35,159 Speaker 3: take both Houses of Congress. They will kill the filibuster immediately. 385 00:22:35,400 --> 00:22:37,760 Speaker 3: They'll do what some of our members didn't have the 386 00:22:37,800 --> 00:22:42,119 Speaker 3: fortitude to do, and and that will be horrific. And 387 00:22:42,400 --> 00:22:44,200 Speaker 3: but we will fight as we always do. 388 00:22:44,640 --> 00:22:47,200 Speaker 2: Right well, Senator, we don't really appreciate your time this morning. 389 00:22:47,240 --> 00:22:49,199 Speaker 2: We could talk about climate for another hour probably, but 390 00:22:49,440 --> 00:22:51,360 Speaker 2: I appreciate you joining us at the summer today. 391 00:22:51,560 --> 00:22:51,919 Speaker 3: Thank you. 392 00:23:02,600 --> 00:23:05,720 Speaker 1: Switched On is produced by Cam Gray with production assistance 393 00:23:05,760 --> 00:23:09,480 Speaker 1: from Kamala Shelling and Ulushi Kurunorate. Bloomberg NEF is a 394 00:23:09,520 --> 00:23:12,639 Speaker 1: service provided by Bloomberg Finance LP and its affiliates. This 395 00:23:12,760 --> 00:23:15,439 Speaker 1: recording does not constitute, nor should it be construed as 396 00:23:15,480 --> 00:23:19,199 Speaker 1: investment in vice investment recommendations, or a recommendation as to 397 00:23:19,240 --> 00:23:22,119 Speaker 1: an investment or other strategy. Bloomberg NEIF should not be 398 00:23:22,160 --> 00:23:25,960 Speaker 1: considered as information sufficient upon which to base an investment decision. 399 00:23:26,040 --> 00:23:29,000 Speaker 1: Neither Bloomberg Finance LP nor any of its affiliates makes 400 00:23:29,040 --> 00:23:32,760 Speaker 1: any representation or warranty as to the accuracy or completeness 401 00:23:32,800 --> 00:23:35,800 Speaker 1: of the information contained in this recording, and any liability 402 00:23:35,840 --> 00:23:38,520 Speaker 1: as a result of this recording is expressly disclaimed