Low-Carbon Innovation Grant Program: Low-Carbon Innovation Panel.

The Economic Revitalization Act establishes the Governor's Office of Business and Economic Development, also known as GO-Biz, to serve as the Governor's lead entity for economic strategy and the marketing of California on issues relating to business development, private sector investment, and economic growth. The office, among others, makes recommendations to the Governor and the Legislature regarding policies, programs, and actions to advance statewide economic and business development goals. 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 and to be available upon appropriation. This bill would establish the Low-Carbon Innovation Panel in the Governor's Office of Business and Economic Development with a specified membership. The bill would establish the Low-Carbon Innovation Grant Program, to be administered by the panel, to award grants to help researchers, entrepreneurs, and companies create and commercialize new low-carbon technologies that will help the state meets its greenhouse gas emissions reductions targets, as specified. The bill would authorize moneys from the Greenhouse Gas Reduction Fund to be available, upon appropriation, for allocation by the panel for the purposes of the program.