The bill amends Rhode Island General Laws to support environmental management and climate change initiatives. It establishes a restricted receipt account for the Rhode Island Executive Climate Change Coordinating Council (EC4) to manage funds allocated for achieving the objectives of the 2021 Act on Climate. The bill also modifies the "Oil Spill Prevention, Administration and Response Fund" to allow up to $250,000 annually for research and development related to marine pollution and to support EC4's efforts to reduce climate emissions. Furthermore, it revises the "Rhode Island Underground Storage Tank Financial Responsibility Act" to include new purposes, such as facilitating cleanup of leaking tanks and supporting emission reduction projects. An environmental protection regulatory fee of one cent per gallon of motor fuel is imposed to support this fund, with insertions and deletions made to clarify the fund's purposes and align with climate goals.

The bill specifies that starting in fiscal year 2025, a portion of the revenue from the environmental protection regulatory fee, up to $2,000,000, will be allocated to the EC4, and in subsequent years, up to $1,000,000. It also details the distribution of the fee, with one-half cent per gallon going to the intermodal surface transportation fund and the other half to the fund. The bill sets conditions for the suspension and reinstatement of the fee based on the fund's balance, with suspension at $8,000,000 and reinstatement if it falls below $5,000,000. Additionally, it includes a provision for recommending the discontinuation of the fee to the general assembly when the fund balance is sufficient. The act will take effect upon passage.

Statutes affected:
2332  SUB A: 42-6.2-3.1, 46-12.7-13
2332: 46-12.7-13, 46-12.9-11