Greenhouse gases: report.

Senators Limón and McGuire propose extending California's greenhouse gas emissions reporting requirements through amendments to the state's Health and Safety Code that would permanently establish the Legislative Analyst's Office's (LAO) annual economic assessment of emissions reduction targets.

The legislation modifies the oversight structure for California's emissions reduction programs by requiring the Independent Emissions Market Advisory Committee to review the LAO's annual economic analysis during public hearings. This committee, housed within the California Environmental Protection Agency, consists of at least five emissions trading experts - three appointed by the Governor and one each by the Senate Committee on Rules and Assembly Speaker. Committee members must have relevant academic or nonprofit backgrounds and be free of financial conflicts with regulated entities.

Under current law, both the LAO's annual economic impact reporting and the Advisory Committee's operations are set to expire on January 1, 2031. While the bill would make the LAO's reporting duties permanent, it maintains the 2031 sunset date for the Advisory Committee. The LAO reports analyze economic impacts of the state's greenhouse gas emissions targets, which mandate reductions to 40% below 1990 levels by 2030.