Climate Innovation Program.

Existing law requires the State Energy Resources Conservation and Development Commission to establish and administer the Climate Innovation Program to provide financial incentives to California-headquartered companies for developing and commercializing technologies that provide technological advancement that either help California meet its greenhouse gas reduction targets and achieve its climate goals on an accelerated timeline and at a lower cost, or enable the state to be more resilient to the impacts of climate change such as drought and wildfire. Existing law requires recipients of a financial incentive awarded pursuant to the program to be a California-headquartered company for the entire term of the financial incentive and for 10 years after the financial incentive ends. This bill would make a nonsubstantive change to that latter provision.