Establishes cap and invest program in DEP to regulate major emitters of greenhouse gases.

The bill would require the Department of Environmental Protection (DEP) to establish a cap on greenhouse gas emissions from major emitters and a program to track, verify, and enforce compliance through the use of greenhouse gas emissions allowances and offset credits. A major emitter is defined as a person who meets at least one of the criteria provided in the bill, or who opts in to the program. The DEP would be required to hold up to four auctions annually for the distribution of greenhouse gas emissions allowances, which would permit the holder to emit one metric ton of greenhouse gases.

Establishes cap and invest program in DEP to regulate major emitters of greenhouse gases.

The bill would require the Department of Environmental Protection (DEP) to establish a cap on greenhouse gas emissions from major emitters and a program to track, verify, and enforce compliance through the use of greenhouse gas emissions allowances and offset credits. A major emitter is defined as a person who meets at least one of the criteria provided in the bill, or who opts in to the program. The DEP would be required to hold up to four auctions annually for the distribution of greenhouse gas emissions allowances, which would permit the holder to emit one metric ton of greenhouse gases.