Bill > HB426

This bill amends the Environmental Improvement Act to establish a statewide, technology-neutral clean transportation fuel standard. The key provisions of the bill are: 1. It defines "carbon intensity" as the quantity of fuel lifecycle emissions per unit of fuel energy, and "disproportionately impacted communities" as those experiencing multiple environmental and socioeconomic burdens. 2. It requires the Environmental Improvement Board to promulgate rules to reduce the carbon intensity of transportation fuels used in the state by at least 20% below 2018 levels by 2030 and 30% by 2040. The rules must allow for the trading of credits among regulated entities and include mechanisms to monitor and stabilize the credit market, enforce compliance, and limit costs to consumers. 3. The rules must require investor-owned and other participating electric utilities to invest at least 50% of their net credit revenue in transportation electrification infrastructure and projects that primarily benefit disproportionately impacted communities. 4. The rules may also include additional mechanisms to reduce air pollution from high-carbon fuels in disproportionately impacted communities, such as providing for third-party, non-profit credit aggregators to use unclaimed credits for emissions reduction and vehicle electrification projects in those communities.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=426&year=23