CA SB697

Requires the State Air Resources Board to consider developing and implementing a Green Hydrogen Credit Program by December 1, 2023, to accelerate green hydrogen production at large industrial facilities.

Mandates the state board to determine whether a Green Hydrogen Credit Program would be an effective and appropriate use of California's Cap-and-Trade Program to incentivize green hydrogen production.

If deemed effective and appropriate, requires the state board to provide industrial facilities producing green hydrogen with an additional greenhouse gas allowance of 10 tons for every metric ton of green hydrogen produced during a compliance period.

Authorizes the state board to adopt a declining greenhouse gas allowance allocation schedule for the program through December 31, 2030.

Requires the state board to follow the Administrative Procedure Act when revising and adopting regulations to implement the program.