Emission reduction credits.

Existing law prohibits the creation of an emission reduction credit from air pollution reductions funded by certain public programs. Existing law creates air quality management districts and air pollution control districts and requires these districts, except as otherwise provided, to establish a system by which all reductions in the emission of air contaminants that are to be used to offset certain future increases in the emission of air contaminants are to be banked prior to use to offset future increases in emissions. This bill would authorize a district to create an emission reduction credit from a marine vessel or locomotive emission reduction project that is funded from both public and private moneys if specified requirements are met. This bill would declare that it is to take effect immediately as an urgency statute.