Bill > H5779

This bill increases the oil spill response and prevention fee from 5 cents to 10 cents per barrel of petroleum products or crude oil, with the expanded funds to be used for supporting climate change initiatives. The bill modifies several existing laws to expand the purpose of specific funds, including the RGGI-executive climate change coordinating council (EC4) projects account, the oil spill prevention fund, and the underground storage tank fund. Specifically, the bill allows these funds to be used not just for their original purposes (like environmental cleanup and monitoring), but also to support projects aimed at reducing greenhouse gas emissions and meeting the state's climate goals. The fee increase and expanded fund usage are part of Rhode Island's broader efforts to address climate change, as outlined in the 2021 Act on Climate. The bill requires the EC4 to report annually on how the funds are used to achieve the statutory objectives of the climate act, and it will take effect immediately upon passage.

Budget and Finance

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