HOUSE OF REPRESENTATIVES |
H.B. NO. |
1986 |
TWENTY-NINTH LEGISLATURE, 2018 |
H.D. 2 |
|
STATE OF HAWAII |
|
|
|
|
|
|
||
|
A BILL FOR AN ACT
RELATING TO THE ENVIRONMENT.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that the State's natural environment and ecosystems are in a fragile state due to the amount of greenhouse gases released through human activities and the resulting impact on global climate change. The legislature also finds that the State should support programs that incentivize state agencies, private entities, and individuals to adopt practices that are more environmentally friendly and that result in reduced carbon emissions into the environment. The legislature notes that one mechanism that has gained success in Europe after adoption of the Kyoto Protocol is the transferring and selling of carbon offset credits. California and numerous other states and private industries have established these types of credits for purchase by polluters to offset their carbon emissions. Billions of dollars have been raised by California alone, and many industries are seeking new places to invest these dollars to offset their carbon emissions.
The legislature further finds that it is necessary to invest state funds to improve the State's water infrastructure and ensure future water sustainability in the face of ongoing climate change. More specifically, the State must be prepared to provide more resources and support for those affected by disaster-scale flooding, coastal seawater inundation, and shortages of potable water and agricultural water. The legislature anticipates that the revenues raised by a state carbon offsets program will greatly enhance current water sustainability efforts.
Accordingly, the legislature finds that it is in the public interest to create a carbon credit revenue program in the State that would incentivize and reward the adoption, practice, and adherence to carbon emission reduction activities, consistent with the Hawaii 2050 sustainability plan.
The purpose of this Act is to establish a program under the department of business, economic development, and tourism that administers revenues realized from the sale of carbon credits in any established carbon registry and invests those proceeds in projects that improve the State's water infrastructure or mitigate threats to water sustainability due to climate change.
SECTION 2. Chapter 201, Hawaii Revised Statutes, is amended by adding a new section to part I to be appropriately designated and to read as follows:
"§201- Carbon credit revenue program. (a) The
department shall establish a carbon credit revenue program that:
(1) Administers any
and all revenues realized from the sale of any carbon credits or offsets in any
established international or national carbon registries through project
developers or by departments or state agencies.
Proceeds and revenues generated from sales of carbon offset credits
shall be invested in projects that improve the State's water infrastructure or
mitigate threats to water sustainability due to climate change, including but
not limited to:
(A) Flood
prevention and preparedness;
(B) Mitigation
of sea level rise;
(C) Increasing
potable water supplies; and
(D) Increasing
agricultural water supplies;
(2) Provides environmental, social,
cultural, or economic benefits, including but not limited to the improvement of
the State's water infrastructure or mitigation of threats to water
sustainability due to climate change; and
(3) Is consistent
with the state's sustainability goals and policies.
(b)
The department shall adopt rules, pursuant to chapter 91, necessary to
carry out the purposes of this section.
(c) As used in this section:
"Carbon credit" means a
tradable credit issued by an independent international or national carbon
registry program that represents a greenhouse gas reduction or greenhouse gas
removal enhancement that is equivalent to one metric ton of carbon dioxide
equivalent and meets the requirements of the program.
“Carbon credit revenue” means the
revenue realized by state agencies from the sale of any carbon sequestration
credits.
"Carbon offset" means a
compensatory measure made by an agency or individual to reduce carbon
emissions, which may include the adoption of practices that increase the
absorption of carbon dioxide.
“Carbon registry” means any
established international or national carbon registry program which serve
voluntary and compliance markets and provide an independent carbon standard to
verify and certify forest carbon projects and issues carbon credits.
"Program" means the
carbon credit revenues program administered by the department.
"State agency" means a unit of state government,
such as a department, division, branch, agency, program, or office, and
includes the legislature, judiciary, and office of Hawaiian affairs."
SECTION 3. New statutory material is underscored.
SECTION 4. This Act shall take effect on January 28, 2045.
Report Title:
DBEDT; Carbon Credits Revenue Program; Water Infrastructure; Climate Change
Description:
Establishes a carbon credit revenue program under the Department of Business, Economic Development, and Tourism that administers revenues realized from the sale of any carbon credits in any established carbon registry and uses the resulting proceeds to fund projects that improve the State's water infrastructure or mitigate threats to water sustainability efforts due to climate change. (HB1986 HD2)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.