The bill proposes the dissolution of the Minnesota Climate Innovation Finance Authority and mandates the transfer of its outstanding debt obligations to the commissioner of management and budget by June 30, 2026. It specifies that any remaining debt incurred under Minnesota Statutes, section 216C.441, will be transferred according to the guidelines in Minnesota Statutes, section 15.039, subdivision 5a. Furthermore, the bill includes a provision to repeal Minnesota Statutes 2024, section 216C.441, which established the authority, with the repeal taking effect on July 1, 2026. The effective date for the debt transfer section will be the day following final enactment.

In addition to the dissolution, the bill outlines a framework for the authority to adopt a long-term investment strategy aimed at reducing greenhouse gas emissions, which must be developed by December 15, 2024, and updated every four years. The authority is required to consult with various stakeholders and submit a draft strategy for public comment. The bill also details the composition and responsibilities of the authority's Board of Directors, consisting of 13 members, including state commissioners and appointees with relevant expertise. The board will manage a dedicated account for operations and submit an annual report on its activities, investments, and progress towards its goals, ensuring transparency and accountability in promoting clean energy and environmental justice.

Statutes affected:
Introduction: 216C.441