The bill establishes a new clean energy fund program in Washington State to support projects that align with the state's environmental policies and emissions reduction goals. It authorizes the Department to provide loans to public and private entities for initiatives such as acquiring electric vehicles, installing renewable energy equipment, and modernizing the electrical grid. The bill sets forth eligibility criteria for loan recipients and mandates that principal and interest payments on these loans be deposited into a newly created clean energy fund account. Additionally, it includes provisions for due diligence in managing public funds, allowing the Department to cancel loans and seek repayment in cases of legal violations.

Furthermore, the bill amends existing laws related to the treasury income account and establishes the clean energy fund act, ensuring that earnings from investments are allocated appropriately, including to the new clean energy fund account. It specifies that the treasury income account is subject to chapter 43.88 RCW, with payments to financial institutions occurring without the need for appropriation. The state treasurer will distribute earnings from the treasury income account to various accounts, including the clean energy fund account, which will receive its share based on average daily balances. The bill also creates the climate commitment account to fund projects addressing climate change and promoting renewable energy, while clarifying that it does not create entitlements to funding or displace existing programs. The act will take effect in stages, with certain sections becoming effective on July 1, 2025, and others expiring or taking effect on July 1, 2028.

Statutes affected:
Original Bill: 70A.65.260