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 loan repayments 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. The clean energy fund account will be financed through various sources, including appropriations, federal funds, and loan repayments, with expenditures limited to administration and loans under the act.

Furthermore, the bill amends existing laws related to the treasury income account, ensuring that the clean energy fund account receives its proportionate share of earnings from state treasury investments. It introduces the climate commitment account to fund projects aimed at reducing greenhouse gas emissions and promoting renewable energy resources. The legislation clarifies that it does not create an entitlement to funding or displace existing state programs, and it establishes a timeline for implementation, with some provisions taking effect immediately and others expiring or becoming effective in 2028. The bill emphasizes environmental justice and the importance of long-term benefits from funded projects while safeguarding tribal treaty rights and critical habitats.

Statutes affected:
Original Bill: 70A.65.260