Greenhouse Gas Reduction Fund: wetland restoration projects.

The California Global Warming Solutions Act of 2006 designates the State Air Resources Board as the state agency charged with monitoring and regulating sources of emissions of greenhouse gases. The act authorizes the state board to include the use of market-based compliance mechanisms. Existing law requires all moneys, except for fines and penalties, collected by the state board as part of a market-based compliance mechanism to be deposited in the Greenhouse Gas Reduction Fund. Existing law requires the Department of Finance, in consultation with the state board and any other relevant state agency, to develop, as specified, a 3-year investment plan for the moneys deposited in the Greenhouse Gas Reduction Fund. Existing law requires moneys from the fund to be allocated for the purpose of reducing greenhouse gas emissions in this state and satisfying other purposes. Existing law authorizes specified investments, including land and natural resource conservation and management, if the investment furthers the regulatory purposes of the act and is consistent with law. This bill would authorize the use of the moneys in the fund for wetland restoration projects that may make use of dredged material if the investment furthers the regulatory purposes of the act and is consistent with law.