The bill amends various sections of the General Laws related to climate change and oil spill prevention in Rhode Island. It raises the uniform oil spill response and prevention fee from five cents ($0.05) to ten cents ($0.10) per barrel of petroleum products or crude oil. The increased revenue will be utilized for both oil spill prevention and initiatives aimed at reducing emissions and meeting the goals of the 2021 Act on Climate, as directed by the Executive Climate Change Coordinating Council (EC4).

Additionally, the bill establishes a restricted receipt account within the general fund for the EC4 to manage funds allocated for climate-related projects. It expands the purposes of the Underground Storage Tank Financial Responsibility Fund to include support for projects and initiatives that reduce emissions and align with the state's climate objectives. The bill specifies that a portion of the funds collected from the oil spill prevention fee will be allocated for scientific research and monitoring relevant to state legislation, as well as for projects approved by the EC4 that are determined to reduce emissions.

The act will take effect upon passage.

Statutes affected:
246: 42-6.2-3.1, 46-12.9-5
246  SUB A: 42-6.2-3.1, 46-12.9-5