SB 840: Greenhouse gases: Greenhouse Gas Reduction Fund: studies.

The bill aims to reduce greenhouse gas emissions in the state by directing specific percentages of the revenues from the greenhouse gas reduction fund to various funds dedicated to clean transportation, housing, clean air and water, wildfire prevention, agriculture, clean energy, and climate-focused innovation. The continuous appropriations from the fund will end on July 1, 2026, and the funds will be allocated in a specified priority starting from the 2026-27 fiscal year. The state board is required to conduct a study and report to the legislature by December 31, 2026, evaluating the use of offsets and making recommendations. The board must update all existing compliance offset protocols by January 1, 2029, and evaluate and update them every 5 years thereafter to reflect the best available science.