OAR 340-271-0820: Generation and Distribution of Community Climate Investment Credits

(1) DEQ will review an application submitted according to OAR 340-271-0810 to ensure that it meets the requirements of that rule. DEQ will inform the applicant either that the submitted application is complete or that additional specific information is required to make the application complete. If DEQ determines that the application is incomplete or does not meet the requirements of OAR 340-271-0810, DEQ will not consider the application further until the applicant provides the additional information requested by DEQ. (2) DEQ will approve an application for CCI credits submitted by a covered fuel supplier if DEQ determines that the application is accurate and complete according to the requirements of OAR 340-271-0810, and DEQ determines that the CCI funds have been provided to an approved CCI entity that is in good standing according to OAR 340-271-0910 through OAR 340-271-0990. (3) Approval of an application for CCI credits. (a) Upon approval of an application for CCI credits, DEQ will notify the covered fuel supplier in writing that DEQ has approved the application and will generate and distribute to the covered fuel supplier the quantity of CCI credits approved according to subsection (b). (b) The amount of CCI credits that DEQ will generate and distribute to the covered fuel supplier is one CCI credit for every verified contribution of the CCI credit contribution amount that a covered fuel supplier provides to a CCI entity, rounded down to the nearest whole number. The CCI credit contribution amount is the applicable amount in Table 7 in OAR 340-271-9000 for the date the contribution was made, with the CCI credit contribution amount adjusted for inflation and rounded to the nearest dollar using the inflation rate since January 2021, as provided by the United States Bureau of Labor and Statistics West Region Consumer Price Index for All Urban Consumers for all Items. DEQ will post the current, inflation adjusted CCI credit contribution amount on its website effective March 1 of each year. The formula for the adjustment is as follows: CCI Credit Contribution Amount = CCI Credit Contribution Amount in Table 7 in OAR 340-271-9000 * (CPI-U West for January of the calendar year for the price in Table 7 in OAR 340-271-9000 that is currently in effect / CPI-U West for January 2021) (4) A CCI credit is a regulatory instrument and does not constitute personal property, a security or any other form of property. (5) DEQ will track distributed CCI credits.