California Global Warming Solutions Act of 2006: offset credits.

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 state board is required to ensure that statewide greenhouse gas emissions are reduced to at least 40% below the 1990 level by 2030. The act authorizes the state board to include the use of market-based compliance mechanisms in regulating greenhouse gas emissions. The act, until January 1, 2031, authorizes a covered entity to meet a certain percentage of its compliance obligation under the act by surrendering offset credits of which no more than 12 may be sourced from projects that do not provide direct environmental benefits in the state. This bill would express the intent of the Legislature to enact subsequent legislation limiting the use of offset credits under the California Global Warming Solutions Act of 2006.