CA AB9

Requires the State Air Resources Board to initiate a regulatory process to evaluate updates to the market-based compliance mechanism for greenhouse gas emissions, with regulatory changes taking effect no later than January 1, 2025.

Mandates the evaluation focus on emission allowance supply consistency with emissions reduction goals, allowance banking rules, carbon offset use, local air pollution impacts, cost-effectiveness, and recommendations from the Independent Emissions Market Advisory Committee and environmental justice advisory committee.

Requires the state board to conduct triennial evaluations of the market-based compliance mechanism beginning January 1, 2028, in consultation with the Independent Emissions Market Advisory Committee and environmental justice advisory committee.

Requires the state board chairperson to present evaluation results and proposed regulatory revisions to the Joint Legislative Committee on Climate Change Policies, after which the board may revise regulations to more effectively meet greenhouse gas reduction goals.