Greenhouse Gas Emission Reduction Measures
requires the public employees' retirement association (PERA) board, on or before June 1, 2024, to adopt proxy voting procedures that ensure that the board's voting decisions align with, and are supportive of, the statewide greenhouse gas (GHG) emission reduction goals updates the powers and duties of the Colorado energy office, including requiring the office to make progress toward eliminating greenhouse gas (GHG) pollution from electricity generation, gas utilities, and transportation; support the implementation of clean heat plans, beneficial electrification, and sustainable land-use measures to reduce energy consumption and greenhouse gas pollution. 5 6 adds wastewater thermal energy to the definition of "clean heat resource", which resource a gas distribution utility includes in its clean heat plan filed with the public utilities commission (PUC) . 6 7 updates the statewide GHG emission reduction goals to add a 65% reduction goal for 2035, an 80% a 75% reduction goal for 2040, and a 90% reduction goal for 2045 when compared to 2005 GHG pollution levels. Section 6 also increases the 2050 GHG emission reduction goal from 90% of 2005 GHG pollution levels to 100%. 7 8 gives the oil and gas conservation commission (COGCC) authority over class VI injection wells used for sequestration of GHG if the governor and COGCC determine, in accordance with a study that the COGCC conducted in 2021, that the state has sufficient resources to ensure the safe and effective regulation of the sequestration of GHG. If the governor and the COGCC determine there are sufficient resources, the COGCC may seek primacy under the federal "Safe Drinking Water Act" and, when granted, may issue and enforce permits for class VI injection wells. The COGCC shall require, as part of its regulation of class VI injection wells, that operators of the wells maintain adequate financial assurance until the COGCC approves the closure of a class VI injection well site. 8 11 establishes a state income tax credit in an amount equal to 30% of the purchase price for new, electric-powered lawn equipment for purchases made in income tax years 2024 through 2026. A seller of new, electric-powered lawn equipment that registers with the department of revenue as a qualified retailer (qualified retailer) and demonstrates that it provided a purchaser a 30% discount from the purchase price of new, electric-powered lawn equipment may claim the tax credit. The tax credit is refundable. Section 14 authorizes the department of revenue to provide advance payments of the income tax credit to qualified retailers . Current law requires an electric retail utility (utility) to offer a net metering credit as the means of purchasing output from a community solar garden (CSG) located within the utility's service territory and establishes the means of calculating the net metering credit. Section 9 maintains that calculation if the CSG indicates to the utility that the CSG's subscribers' bill credits change annually. If the CSG indicates to the utility that the CSG's subscribers' bill credits remain fixed, however, section 9 provides a different calculation for determining the net metering credit. 10 through 12 21 and 22 incorporate projects to renovate or recondition existing utility transmission lines into the "Colorado Electric Transmission Authority Act", allowing the Colorado electric transmission authority (authority) to finance and renovate, rebuild, or recondition existing transmission lines in order to update and optimize the transmission lines. Section 23 requires the authority to study the need for expanded transmission capacity, including the ability to expand capacity through construction of new transmission lines, improvements to existing lines, or connections to an organized wholesale market. The authority is required to present an initial report of its study to the PUC on or before September 1, 2024, and a final report to the joint committee of the legislative committees with jurisdiction over energy matters on or before January 31, 2025. 13 24 requires a local government to expedite , as practicable, its review of a land use application that proposes a project to renovate, rebuild, or recondition existing transmission lines. 14 25 makes a conforming amendment regarding the updated statewide GHG emission reduction goals set forth in section 6 7 .
(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)