Vote Smart's Synopsis:

Vote to pass a bill that authorizes utility companies to meet renewable energy use targets by engaging in carbon reduction investment, beginning January 1, 2016.

Highlights:

• Authorizes a utility company to meet annual renewable energy use requirements by engaging in “carbon reduction investment” as an alternative to other eligible renewable resources and renewable energy credits (Sec. 3).

• Defines “carbon reduction investment” as an investment in support of eligible projects or actions that reduce, prevent, or remove greenhouse gas emissions, including, but not limited to, the following actions (Sec. 2):
• Installation of electric vehicle chargers;
• Installation of infrastructure to provide natural gas fueling for motor vehicles, trains, and marine vessels;
• Investment in energy storage technologies;
• Demand-side management of electricity consumption; and
• Conversion of state ferry fuel to liquefied natural gas.

• Specifies that a utility company is considered in compliance with an annual target if it invests at least 1 percent of its total annual retail revenue requirement in carbon reduction investments (Sec. 3).

• Alleges that climate change is occurring and that human activity may be a contributing factor (Sec. 1).

Full Bill Text