SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

1994 SESSION

  • | print version

HB 626 Air emission credits.

Introduced by: Eric I. Cantor | all patrons    ...    notes | add to my profiles

SUMMARY:

Air emission credits. Requires the Air Pollution Control Board to promulgate regulations establishing a voluntary air emissions banking and trading program. In developing the regulations the Air Pollution Control Board is to consider (i) the definition and use of emission credits from both mobile and stationary sources, (ii) the role of offsets, (iii) regional emissions trading, and (iv) a mechanism which will facilitate voluntary trading and banking. The bill allows the direct trading of emissions credits between private industries. The program's goals are to (i) reduce air emissions, (ii) create an economic incentive for reducing emissions, and (iii) allow for continued economic growth through credits. Under the federal Clean Air Act, existing sources desiring to expand operations, and new sources wishing to relocate in Virginia, must offset emissions of nitrogen oxides and volatile organic compounds at ratios exceeding one-to-one. The emissions reduction credits trading program which would be established will assist these sources in meeting the offset requirements of the federal act. In addition, under such a program, industries in attainment areas may choose to avail themselves of the available credits so as to minimize the particular facility's impact on the environment. Such a trading system could result in an expedited permitting process.


FULL TEXT

AMENDMENTS

HISTORY