A landmark program between the California Pollution Control Financing Authority and the California Air Resources Board has just surpassed a milestone of financing enough truck loans to help get more than 36,000 cleaner trucks on the road, State Treasurer Fiona Ma and the California Air Resources Board announced.
The Heavy-Duty Vehicle Air Quality Loan Program was established in 2009 to provide financial assistance to small business owners who have heavy-duty vehicles affected by the California Air Resources Board’s Truck and Bus Regulation and other air pollution control mandates. The collaboration between the California Air Resources Board and the California Pollution Control Financing Authority’s California Capital Access Loan Program has been successful in financing the purchase of lower-emission vehicles. The program is funded primarily by the California Air Resources Board’s Air Quality Improvement Program and was recently extended two additional years.
Since this partnership began in 2009, the California Air Resources Board has contributed $187 million toward loans that helped purchase more than 36,000 cleaner trucks. That is the equivalent of removing almost 11 million passenger cars from the road and 164 tons of particulate matter per year.
“This is a major milestone that might have seemed nearly impossible in 2009,” Treasurer Ma said. “There is more work to be done in terms of taking polluting vehicles off the road and replacing them with cleaner vehicles, but this accomplishment shows what is possible when we have state agencies and private lenders working together on critical state goals.”