Relating to entities that contribute to greenhouse gas emissions; declaring an emergency.
Catchline/Summary:
Repeals greenhouse gas emissions goals and requires Environmental Quality Commission to adopt by rule statewide greenhouse gas emissions goal for 2025, and limits for years 2035 and 2050. Repeals greenhouse gas emissions goals and requires Environmental Quality Commission to adopt by rule statewide greenhouse gas emissions goal for 2025, and limits for years 2035 and 2050.
Requires Environmental Quality Commission to adopt carbon pollution market by rule. Requires commission to consult with certain interested persons and be advised by advisory committee in adopting rules. Provides for minimum requirements of carbon pollution market. Declares legislative purposes of carbon pollution market.
Requires Department of Environmental Quality to administer auctions of carbon allowances under carbon pollution market. Provides for distribution of auction proceeds.
Requires entities covered by carbon pollution market to surrender compliance instruments to meet compliance obligations. Imposes penalties for failure to timely submit compliance instruments.
Requires electric utilities and natural gas utilities to use proceeds from sale of allowances consigned to auction only for certain activities consistent with legislative purposes of carbon pollution market. Requires Public Utility Commission to adopt rules necessary to prescribe such uses.
Establishes Climate Investments Account within State Highway Fund. Requires that certain auction proceeds be deposited in account for purpose of funding programs consistent with legislative purposes of carbon pollution market.
Establishes Oregon Climate Investments Fund. Requires that certain auction proceeds be deposited in fund, to be distributed through Climate Investments Grant Program adopted by Environmental Quality Commission by rule.
Establishes Just Transition Fund. Requires that certain auction proceeds be deposited in fund, to be distributed through Just Transition Grant Program adopted by Oregon Business Development Department by rule.
Makes all provisions related to carbon pollution market and distribution of auction proceeds operative January 1, 2020. Authorizes Environmental Quality Commission, Public Utility Commission and Oregon Business Development Department to adopt rules prior to operative date.
Requires registration and reporting by certain sources of greenhouse gas emissions. Becomes operative January 1, 2017.
Changes name of Oregon Global Warming Commission to Oregon Commission on Climate Change. Becomes operative January 1, 2017.
Declares emergency, effective on passage.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
Revenue Impact:
May Have Revenue Impact, But No Statement Yet Issued
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HB 4068 House Committee On Energy and Environment
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