Added by Stats. 2021, Ch. 237, Sec. 1. (SB 27) Effective January 1, 2022.
(a)The Natural Resources Agency shall track carbon removal and greenhouse gas emission reduction benefits derived from projects funded through the registry.
(b)Projects listed on the registry shall not create credits for the purposes of market-based compliance mechanisms developed or administered by the state board pursuant to the California Global Warming Solutions Act of 2006 (Division 25.5 (commencing with Section 38500)) and shall not be used by a state or private entity to offset a statutory or regulatory obligation to reduce emissions under the California Global Warming Solutions Act of 2006 (Division 25.5 (commencing with Section 38500)).
(c)If an entity funds less than the full project cost, or if several entities jointly fund a single project, the agency may assign project
value proportionally across multiple project funders.
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