California cap-and-trade extension to fund high-speed rail

The California Legislature earlier this week voted to extend the state's cap-and-trade program that requires companies to purchase permits for releasing greenhouse gases. The program generates revenue for the state's high-speed rail project.

The legislation, which now awaits Gov. Jerry Brown's signature, would continue the program through 2030.

The bill will help reduce energy costs, improve local air quality and stabilize critical revenue streams to invest in clean energy, said California Senate President Pro Tempore Kevin de Leon in a statement.

"California stood tall and once again boldly confronted the existential threat of our time," Brown said in a statement on Twitter. "Republicans and Democrats set aside their differences, came together and took courageous action."

The state's cap-and-trade program is the only one of its kind in the United States, according to the Los Angeles Times.