S.B. 944 - Climate Change Summary

• Establishes a definition of "nature-based solutions" as actions to protect, sustainably manage, and restore natural or modified ecosystems that contribute to climate change mitigation, adaptation, or risk management.

• Requires the Hawaii Climate Change Mitigation and Adaptation Commission to prioritize identification and recommendations for utilizing nature-based solutions in its climate change mitigation and adaptation efforts at regional, state, and local levels.

• Directs the commission to assess and make recommendations related to insurance, reinsurance, and other risk transfer products or market mechanisms that incentivize public and private investment in nature-based solutions to reduce carbon emissions and climate risks.

• Appropriates general revenues for fiscal years 2019-2020 and 2020-2021 to the Department of Land and Natural Resources for the commission to identify nature-based solutions and insurance/risk transfer mechanisms.

• Effective date is July 1, 2050.