CA SB888

Establishes the Office of Emergency Services as the lead agency for emergency response to large, ongoing natural gas leaks from storage facilities that pose significant hazards to public health, safety, property, or the environment.

Requires penalties assessed against gas corporations for natural gas storage facility leaks to at least equal the amount necessary to offset the climate impact from greenhouse gases emitted by the leak, as determined by the State Air Resources Board.

Creates the Gas Storage Facility Leak Mitigation Account in the State Treasury to receive penalty funds, which must be expended solely for direct emissions reductions to achieve California's greenhouse gas emissions limit and, if sufficient funds remain, to reimburse state and local response costs.

Requires mitigation funds to be expended in a manner that fully offsets the climate impact from gases emitted by the leak, consistent with provisions allocating specified funds to disadvantaged communities.

Directs that funds from penalties related to the Aliso Canyon gas leak be expended pursuant to the State Air Resources Board's Aliso Canyon Climate Impacts Mitigation Program, prioritizing projects in affected and disadvantaged communities that reduce methane emissions in agriculture and waste sectors and promote energy efficiency.