City Council - April 22, 2024 - Minutes - City of Richmond, BC

18 . PUBLIC ELECTRIC VEHICLE CHARGING NETWORK – USE OF PROCEEDS FROM LOW CARBON FUEL STANDARD (LCFS) CREDITS (FILE REF. NO. 10-6125-01; 10-6460-03) (REDMS NO. 7502514) That, as described in the report titled “Public Electric Vehicle Charging Network – Use of Proceeds from Low Carbon Fuel Standard (LCFS) Credits”, from the Director, Sustainability and District Energy and Director, Public Works Operations, dated April 17, 2024: ( 1 ) Staff be authorized to sell LCFS carbon credits at the highest value to the City; ( 2 ) Revenue from the sale of LCFS carbon credits be put into the City’s Carbon Tax Provision account and be reserved for capital and operating costs related to the installation and maintenance of new electric vehicle charging stations; (3) The Chief Administrative Officer and General Manager, Finance and Corporate Services, be authorized to enter into an agreement for the sale, aggregation and/or contract to sell LCFS carbon credits; and (4) Staff report back in three years updating Council on use of revenue generated from the sale of LCFS carbon credits to expand the City’s EV charging infrastructure. ADOPTED ON CONSENT

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