SB 557

Abstract

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. Establishes Greenhouse Gas Cap and Investment Program Oversight Committee. Provides for minimum requirements of carbon pollution market. Declares legislative purposes of carbon pollution market. 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. Creates Climate Investments in Disadvantaged Communities Advisory Committee. Requires committee to advise on distributions of certain auction proceeds. 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, 2021. 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, 2018. Changes name of Oregon Global Warming Commission to Oregon Commission on Climate Change. Becomes operative January 1, 2018. Declares emergency, effective on passage.