This bill amends existing laws regarding carbon offset revenue and the renewable energy grant fund in Alaska. It mandates that the legislature appropriate the revenue generated from the carbon offset program, allocating 20 percent to the renewable energy grant fund and allowing the remaining 80 percent to be used for any public purpose. The bill also establishes that the renewable energy grant fund is intended to provide affordable energy to all communities in the state. Additionally, it modifies the administration of the fund, specifying that it will consist of appropriations, gifts, contributions, federal money, interest earned, and investments managed by the Department of Revenue.

Further changes include the authority's responsibilities in developing project evaluation criteria, providing technical assistance to small communities, and annually soliciting grant applications. The bill also clarifies that the authority can make determinations regarding eligible projects without needing to recommend them to the legislature. It allows for grants to be provided for renewable energy projects, natural gas projects, and related infrastructure, even if the applicant is not financing the construction. Lastly, the bill establishes a new structure for the advisory committee overseeing the fund, including the election of a chair with specific term limits.

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