SB 1666

Bill Subjects

Abstract

Recasts the Virginia Shoreline Resiliency Fund as the Virginia Coastal Protection Fund. Moneys generated by the sale of carbon dioxide emissions allowances through any auction program administered by the Commonwealth are directed to the Fund. The measure directs the State Air Pollution Control Board to adopt regulations to limit and reduce the total carbon dioxide emissions released by electric generation facilities. The regulations are required to comply with the Regional Greenhouse Gas Initiative program. The measure authorizes the Director of the Department of Environmental Quality to establish, implement, and manage an auction program to sell allowances into a market-based trading program. The measure requires revenues from the sale of carbon allowances, to the extent permitted by Article X, Section 7 of the Constitution of Virginia, to be distributed without further appropriation to assist localities in implementing hazard mitigation projects in areas that are subject to recurrent flooding, to support energy efficiency programs, to programs in Southwest Virginia for the purpose of revitalizing communities affected by the decline of fossil fuel production, and for administrative expenses. An enactment clause exempts from the Administrative Process Act actions taken by the Department of Environmental Quality to incorporate provisions of this measure into State Air Pollution Control Board regulations without further action of the Board. The enactment also provides that such incorporation will become effective upon approval of the provisions of the measure by the Director of the Department and the filing of the amended regulations with the Registrar of Regulations.