Summary of Substitute Bill No. 5004

• State declares a climate crisis to demonstrate urgency for climate legislation and to support federal funding efforts, but declaration does not authorize Governor to use executive orders.

• Public Utilities Regulatory Authority must initiate a docket by January 1, 2025 on the future of natural gas use in the state and submit recommendations for legislative changes.

• Commissioner of Energy and Environmental Protection must develop a plan to install at least 310,000 heat pumps for residential heating systems by January 1, 2026, with a status report due that year.

• Small business loan applications must prioritize those making significant investments in environmentally sustainable practices, renewable energy, energy efficiency, zero-emission vehicles, or climate-sustainable farming operations.

• Commissioner of Revenue Services must identify business fees appropriate for waiver for certified B corporations and environmentally sustainable farms, with a list due by January 1, 2025.