California OKs record-high investment in utilities’ electric-vehicle programs

California is making a $738-million investment to replace gas-guzzling cars, buses and trucks with electric vehicles.

Members of the California Public Utilities Commission voted 5-0 on Thursday to approve the largest U.S. utility investment to date in an effort to accelerate the Golden State’s push to fight climate change. It will fund programs at PG&E Corp., Edison International and Sempra Energy.

The decision comes after California passed a law in 2015 calling for agencies to direct utilities to invest in electrifying transportation to help cut greenhouse gas emissions by 40%, compared with 1990 levels, by 2030. Vehicles are the state’s largest source of carbon emissions.

The programs include funding for PG&E to install infrastructure for fast charging stations; money for PG&E and Edison to upgrade networks for charging buses, trucks and forklifts; and funds for Sempra’s San Diego Gas & Electric to offer rebates and installation services for home charging stations.

The investments would be the largest of their kind by U.S. utilities, said Salim Morsy, an analyst for Bloomberg New Energy Finance.