The proposed bill establishes stringent statewide greenhouse gas emissions limits for New Mexico, aiming for a reduction of at least 45% from 2005 levels by 2030, 75% by 2040, and achieving net-zero emissions by 2050. It introduces new definitions related to greenhouse gases and amends existing definitions in the Environmental Improvement Act and the Air Quality Control Act. The bill expands the responsibilities of the Environmental Improvement Board, requiring them to create plans and rules to meet these emissions targets, which include monitoring and reporting requirements for greenhouse gas emissions. It also specifies criteria for stationary sources with significant emissions potential and mandates the development of a certification process for emissions offset projects.

Additionally, the bill requires the creation of a comprehensive annual report detailing statewide greenhouse gas emissions, including baseline data from 2005, current emissions inventories, and projections on compliance with emissions limits. This report must also quantify expected emissions reductions from various actions and analyze any potential shortfalls in meeting targets. The bill emphasizes the need for consultation with tribal governments and outreach to affected communities before any rulemaking related to greenhouse gas emissions, ensuring that regulations do not extend to sources on reservation land. The relevant department is tasked with submitting the annual report to the governor, legislature, and tribal governments, while also establishing a fee schedule for the implementation of these provisions.

Statutes affected:
introduced version: 74-1-3, 74-2-2