This bill establishes a new Climate Change Response Fund and introduces a surcharge on oil production in Alaska to support climate change initiatives. Specifically, it amends existing tax laws to include a new surcharge of $0.20 per barrel of oil produced, which will be deposited into the general fund and can be appropriated to the newly created Climate Change Response Fund. The bill also modifies existing provisions regarding the application of production tax credits, ensuring that these credits cannot be used to offset certain surcharges or taxes. Additionally, it expands the definition of "surcharge" to include the new climate change response surcharge.

Furthermore, the bill outlines the responsibilities of the Department of Environmental Conservation in administering the Climate Change Response Fund and awarding grants for projects aimed at addressing climate change. Eligible applicants, including non-governmental organizations and tribal governments, can apply for grants to improve infrastructure in response to climate change, provided they meet specific criteria. The department is tasked with establishing priorities for grant awards based on factors such as public health protection and climate resiliency. The bill takes effect immediately upon passage.

Statutes affected:
HB0247A, AM HB 247, introduced 01/09/2026: 43.55.023, 43.55.011, 43.55.201, 43.55.299, 43.55.300, 43.55.400, 43.55.014, 43.55.025, 43.55.165, 43.55.310, 43.55.231, 43.55.180, 43.55.020, 37.05.142, 44.46.200, 43.55.900, 44.46.020, 46.03.010