SB 207, as introduced, Wieckowski. California Global Warming Solutions Act of 2006: Greenhouse Gas Reduction Fund: investment plan.
The California Global Warming Solutions Act of 2006 establishes the State Air Resources Board as the state agency responsible for monitoring and regulating sources emitting greenhouse gases. The act authorizes the state board to include the use of market-based compliance mechanisms. Existing law requires all moneys, except for fines and penalties, collected by the state board from the auction or sale of allowances as part of a market-based compliance mechanism to be deposited in the Greenhouse Gas Reduction Fund and to be available upon appropriation by the Legislature. Existing law requires the Department of Finance, in consultation with the state board and any other relevant state agency, to develop, as specified, a 3-year investment plan for the moneys deposited in the Greenhouse Gas Reduction Fund.
This bill would additionally require the 3-year investment plan to identify conflicting or overlapping policies, where applicable, in current state strategies to meeting the state’s greenhouse gas emissions reduction goals and targets by sector.
Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 39716 of the Health and Safety Code is
2amended to read:
(a) The Department of Finance, on behalf of the
4Governor, and in consultation with the state board and any other
5relevant state entity, shall develop and submit to the Legislature
6at the time of the department’s adjustments to the proposed
72013-14 fiscal year budget pursuant to subdivision (e) of Section
813308 of the Government Code a three-year investment plan.
9Commencing with the 2016-17 fiscal year budget and every three
10years thereafter, with the release of the Governor’s budget proposal,
11the Department of Finance shall include updates to the investment
12plan following the public process described in subdivisions (b)
13and (c). The investment plan, consistent with the requirements of
14Section 39712, shall do all of the following:
15(1) Identify the state’s near-term
and long-term greenhouse gas
16emissions reduction goals and targets by sector.
17(2) Analyze gapsbegin insert and identify conflicting or overlapping
18policiesend insert, where applicable, in current state strategies to meeting
19the state’s greenhouse gas emissions reduction goals and targets
20by sector.
21(3) Identify priority programmatic investments of moneys that
22will facilitate the achievement of feasible and cost-effective
23greenhouse gas emissions reductions toward achievement of
24greenhouse gas reduction goals and targets by sector, consistent
25with subdivision (c) of Section 39712.
26(b) (1) The state board shall hold at least two public workshops
27in different regions of the state and one public hearing prior to
the
28Department of Finance submitting the investment plan.
29(2) The state boardbegin insert, prior to the submission of each investment
30plan,end insert shallbegin delete, prior to
the submission of each investment plan,end delete
31with the Public Utilities Commission to ensure the investment plan
32is coordinated with, and does not conflict with or unduly overlap
33with, activities under the oversight or administration of the Public
34Utilities Commission undertaken pursuant to Part 5 (commencing
35with Section 38570) of Division 25.5 or other activities under the
36oversight or administration of the Public Utilities Commission that
37facilitate greenhouse gas emissions reductions consistent with this
38division. The investment plan shall include a description of the
P3 1use of any moneys generated by the sale of allowances received
2at no cost by the investor-owned utilities pursuant to a
3market-based compliance mechanism.
4(c) The Climate Action Team, established under Executive
5Order S-3-05, shall provide information to the Department of
6Finance and the state board to assist in the development of each
7investment plan. The Climate
Action Team shall participate in
8each public workshop held on an investment plan and provide
9testimony to the state board on each investment plan. For purposes
10of this section, the Secretary of Labor and Workforce Development
11shall assist the Climate Action Team in its efforts.
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