Relating to greenhouse gas emissions; prescribing an effective date.

Requires Environmental Quality Commission to adopt by rule program that places cap on greenhouse gas emissions and that provides market-based mechanism for covered entities to demonstrate compliance. Establishes program advisory committee. Declares legislative purposes of program and related investments of moneys received as proceeds under market-based compliance mechanism. Establishes certain statutory funds in State Treasury. Requires certain moneys received as proceeds under market-based compliance mechanism to be deposited in certain funds. Requires certain uses of moneys deposited in funds. Requires program advisory committee to submit biennial report to Governor , Oregon Transportation Commission and Legislative Assembly each even-numbered year. Requires Oregon Transportation Commission to prepare and submit biennial transportation decarbonization investment proposal to Joint Legislative Committee on Climate and Oregon Department of Administrative Services. Requires Governor to consider investment and expenditures recommendations in biennial report during preparation of Governor's budget. Makes all provisions related to program adopted by commission and distribution of proceeds operative January 1, 2021. Authorizes commission and certain other agencies to adopt rules prior to operative date. Repeals greenhouse gas emissions goals and requires commission to adopt by rule statewide greenhouse gas emissions goal for 2025 and limits for years 2035 and 2050. Defines "greenhouse gas" for air pollution laws. Establishes Joint Legislative Committee on Climate. Modifies registration and greenhouse gas reporting requirements for certain persons. Makes provisions related to Joint Legislative Committee on Climate, "greenhouse gas" definition, emissions limits and registration and reporting operative January 1, 2019. Requires certain persons to pay annual program development fee to Department of Environmental Quality. Becomes operative July 1, 2019 ] 2018 . Sunsets January 2, 2021. Provides for expedited review of Act by Supreme Court upon petition by adversely affected party. Declares emergency, effective on passage. ] Takes effect on 91st day following adjournment sine die.