Senate Bill 23-016 Summary

• Establishes Colorado's greenhouse gas reduction goals of 26% by 2025, 50% by 2030, 65% by 2035, 75% by 2040, 90% by 2045, and 100% by 2050, measured against 2005 baseline levels.

• Expands the Colorado Energy Office's duties to support renewable energy deployment, clean heat implementation, transportation electrification, beneficial electrification, industrial emissions reductions, and sustainable land-use patterns.

• Requires insurers with over $100 million in annual filings to participate in the National Association of Insurance Commissioners' annual climate risk disclosure survey beginning in 2024.

• Creates framework for Class VI carbon dioxide injection wells, including requirements for financial assurance, cumulative impacts analysis, 2,000-foot setbacks from residences/schools/commercial buildings, and a comprehensive safety study due by March 1, 2024.

• Provides tax credit for electric lawn equipment retailers offering 30% discounts on new electric-powered lawn equipment (lawn mowers, leaf blowers, trimmers, snowblowers) from 2024-2027, with retailers receiving 33% tax credit on sales.