The bill proposes the elimination of the Minnesota Climate Innovation Finance Authority, transferring its outstanding debt obligations to the commissioner of management and budget by June 30, 2026. It mandates the transfer of any remaining debt incurred under Minnesota Statutes, section 216C.441, and establishes an effective date for this transfer as the day following final enactment. Additionally, the bill repeals Minnesota Statutes 2024, section 216C.441, which details the authority's establishment and purpose, with the repeal taking effect on July 1, 2026. This move effectively discontinues the state's efforts to promote clean energy projects and greenhouse gas emissions reduction initiatives that were previously supported by the authority.

In contrast, the bill also outlines a new framework for the Minnesota Climate Innovation Finance Authority to adopt a long-term investment strategy aimed at reducing greenhouse gas emissions. The authority is required to develop this strategy by December 15, 2024, and every four years thereafter, focusing on qualified projects and partnerships that enhance success while integrating equity and environmental justice values. The authority's Board of Directors will consist of 13 members, including state commissioners and appointees with relevant expertise, and will be responsible for managing a dedicated account for climate innovation, ensuring transparency, and submitting annual reports on the authority's activities and impacts. The bill emphasizes the importance of diversity among board members, mandating that at least two reside outside the metropolitan area.

Statutes affected:
Introduction: 216C.441