The bill amends existing laws regarding carbon offset revenue and the renewable energy grant fund in Alaska. It stipulates that the legislature shall appropriate the revenue generated from the carbon offset program, allocating 20 percent to the renewable energy grant fund and the remaining 80 percent for any other public purpose. Additionally, the bill establishes a renewable energy grant fund aimed at providing affordable energy to all communities in Alaska. It modifies the administration of the fund, allowing for appropriations, gifts, and contributions, while also detailing the criteria for project eligibility and grant applications.

Furthermore, the bill enhances the authority's responsibilities in managing the fund, including developing methodologies for project prioritization, providing technical assistance to smaller communities, and annually soliciting grant applications. It also allows the authority to make determinations regarding eligible projects without needing further legislative recommendations. The authority is empowered to spend appropriated funds for grants without additional appropriation, ensuring that the funds do not lapse. Lastly, the bill introduces provisions for the advisory committee, including the election of a chair and meeting protocols.

Statutes affected:
HB0196A, AM HB 196, introduced 04/15/2025: 38.95.430, 42.45.045, 37.05.142, 37.10.071