Bill > HB397

This bill directs the Department of Environmental Quality and the State Air Pollution Control Board to establish and maintain a market-based trading program, consistent with the Regional Greenhouse Gas Initiative (RGGI) program, to reduce carbon dioxide emissions from electricity generating units in the Commonwealth. RGGI is a cooperative effort among states to limit greenhouse gas emissions from the power sector. The bill also outlines how proceeds from the sale of allowances in this trading program will be used, with specific percentages allocated to flood preparedness, low-income energy efficiency programs, administrative expenses, and climate change planning. Additionally, it clarifies the definition of "life-of-the-unit contractual arrangement" for energy conversion or tolling agreements within the context of this carbon trading program, specifying that purchasers under such agreements will be responsible for acquiring any necessary carbon dioxide allowances.

Agriculture and Natural Resources

https://lis.virginia.gov/bill-details/20261/HB397