At California Economic Summit, Governor Newsom Highlights Investments in Small Businesses, Climate Resilience and Equitable Economic Growth


California leads the nation in bold climate action and economic growth 

Historic California Comeback Plan includes largest small business relief program in the nation and immediate relief for those hit hardest by the pandemic  

Governor’s $15 billion climate package includes $3.9 billion to support the state’s Zero-Emission Vehicle goals and lead the transition to ZEVs on a global scale.

MONTEREY — Governor Gavin Newsom today participated in a fireside chat at the 2021 California Economic Summit in Monterey, where he discussed his California Comeback Plan’s bold investments and initiatives to equitably grow California’s economy while also making the state more environmentally sustainable.

“California is leading the nation in job creation while exceeding our ambitious climate goals, showing what is possible when we reject the false choice between job creation and climate action,” said Governor Newsom. “As our economic gains in the clean economy continue to grow, we’re committed to ensuring all regions – from Siskiyou to Kern County to Los Angeles and beyond – reap the benefits of a cleaner, greener future with high-quality jobs in sustainable industries.”

The Governor participates in a fireside chat at the 2021 California Economic Summit in Monterey. Photos by Roby Behrens for California Forward.

California has the most innovation, venture capital and small-business investment in the country and the state’s economic growth rate has outpaced the United States, Germany and Japan. The Governor today discussed the state’s nation-leading economic recovery from the pandemic and comprehensive recovery package tackling the most persistent challenges facing California. Creating the largest small business relief program in the nation, the Governor has advanced $4 billion in direct grants to California’s small businesses – on top of $6.2 billion in tax relief and an additional $120 million for the California Competes Tax Credit grant program.

Recognizing the need for equitable investments in economic growth, the state is focused on addressing the needs of communities from all different backgrounds. The Governor provided Golden State Stimulus payments to low and middle class families for a total of $12 billion in stimulus checks – the biggest state tax rebate in American history. He also advanced $5.2 billion to help low-income renters pay 100 percent of their back-rent. In addition, the California Comeback Plan includes historic investments in education, broadband access and affordable housing to ensure communities have the support they need to roar back from the pandemic.

The Governor highlighted the state’s investments in climate resilience and transitioning to a clean economy under the California Comeback Plan’s $15 billion climate package – the largest such investment in state history. Supporting California’s nation-leading climate agenda, the plan advances a $3.9 billion investment to hit fast forward on the state’s Zero-Emission Vehicle goals. Prioritizing equity, the package also includes $3.7 billion over three years to build resilience against the state’s multi-faceted climate risks, including extreme heat, rising sea levels, and environmental justice priorities. California’s climate policies have seen the state exceed its 2020 climate target four years ahead of schedule and create six times more clean jobs than fossil fuel jobs.

The summit, now in its tenth year, is sponsored by California Forward to convene business, environmental and civic leaders to highlight innovative solutions to promote equity, environmental sustainability and economic growth.