Relating to greenhouse gas emissions; declaring an emergency.

Requires Environmental Quality Commission to adopt carbon pollution market by rule. Requires commission to consult with certain interested persons and be advised by advisory committee in adopting rules. Establishes Greenhouse Gas Cap and Investment Program Oversight Committee. Provides for minimum requirements of carbon pollution market. Declares legislative purposes of carbon pollution market. Establishes Climate Investments Account within State Highway Fund. Requires that certain auction proceeds be deposited in account for purpose of funding programs consistent with legislative purposes of carbon pollution market. Establishes Oregon Climate Investments Fund. Requires that certain auction proceeds be deposited in fund, to be distributed through Climate Investments Grant Program adopted by Environmental Quality Commission by rule. Creates Climate Investments in Impacted Communities Advisory Committee. Requires committee to advise on distributions of certain auction proceeds. Establishes Just Transition Fund. Requires that certain auction proceeds be deposited in fund, to be distributed through Just Transition Grant Program adopted by Oregon Business Development Department by rule. Makes all provisions related to carbon pollution market and distribution of auction proceeds operative January 1, 2021. Authorizes Environmental Quality Commission, Public Utility Commission, Department of Transportation and Oregon Business Development Department to adopt rules prior to operative date. Repeals greenhouse gas emissions goals and requires Environmental Quality Commission to adopt by rule statewide greenhouse gas emissions goal for 2025, and limits for years 2035 and 2050. Defines "greenhouse gas" for purposes of air pollution laws. Requires registration and reporting by certain sources of greenhouse gas emissions. Requires certain sources to pay annual fee to Department of Environmental Quality to pay costs of department and Environmental Quality Commission in developing and preparing for implementation of carbon pollution market required by Act. Make provisions related to greenhouse gas definition, emissions limits and registration and reporting operative January 1, 2018. Declares emergency, effective on passage.