Environment (Climate Change)

SB 308 allows New Mexico public utilities to petition for waivers from renewable energy requirements, enabling them to build, operate, or purchase carbon-based energy facilities (like natural gas plants) and energy from outside the state. It establishes a voluntary natural gas monitoring program, requires a carbon intensity standard for New Mexico natural gas production, and creates a tax credit for greenhouse gas-reducing natural gas technology. The bill directly affects utilities and natural gas producers by modifying compliance pathways for clean energy goals while introducing new reporting and tax incentives. It does not change existing renewable energy targets (e.g., 40% by 2025) but provides flexibility through waivers and new mechanisms to support emissions reductions.