California Global Warming Solutions Act of 2006: natural and working lands: market-based compliance mechanisms.

The California Global Warming Solutions Act of 2006 establishes the State Air Resources Board as the state agency responsible for monitoring and regulating sources emitting greenhouse gases and authorizes the state board to include the use of market-based compliance mechanisms in the regulation of emissions of greenhouse gases. The act requires the state board to ensure that statewide greenhouse gas emissions are reduced to at least 40% below the 1990 level by 2030. The act declares the policy of the state to achieve net zero greenhouse gas emissions as soon as possible, but no later than 2045, and to achieve and maintain net negative greenhouse gas emissions thereafter. The act requires the state board to prepare and approve a scoping plan for achieving the maximum technologically feasible and cost-effective reductions in greenhouse gas emissions and to update the scoping plan at least once every 5 years. The act also requires the Natural Resources Agency, in collaboration with specified entities, including the state board, to determine on or before January 1, 2024, an ambitious range of targets for natural carbon sequestration, and for nature-based climate solutions, that reduce greenhouse gas emissions for 2030, 2038, and 2045 to support state goals to achieve carbon neutrality and foster climate adaptation and resilience. The act requires these targets to be integrated into the above-described scoping plan and other state policies. The act prohibits emissions reduction projects and actions that receive state funding from being eligible to generate credits under any market-based compliance mechanism. This bill would instead require the state board to additionally ensure that all greenhouse gas emissions reductions and removals used for any market-based compliance mechanism are in addition to any reductions and removals that would otherwise occur.