(a) There is established an account to be known as the sustainable materials management account which shall be a separate, nonlapsing account within the General Fund. The account shall contain moneys collected by the alternative compliance payment for Class II renewable portfolio standards pursuant to subsection (h) of section 16-244c and subsection (k) of section 16-245 and moneys deposited pursuant to subsection (f) of section 22a-232. The Commissioner of Energy and Environmental Protection shall expend moneys from the account for the purposes of the program established under this section, provided the commissioner may also pledge such moneys for revenue bonds the proceeds of which shall be used to support waste infrastructure projects described in this section.

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(b) On and after January 1, 2023, the Commissioner of Energy and Environmental Protection shall establish and administer a sustainable materials management program to support solid waste reduction in the state through the provision of funding from the sustainable materials management account for purposes, including, but not limited to, grants, revolving loans, technical assistance, consulting services and waste characterization studies, to support programs and projects implemented by entities, including, but not limited to, municipalities, nonprofits and regional waste authorities. Funding from such program may be used to support the development of infrastructure necessary for the management of solid waste materials at upgraded, expanded or proposed facilities selected pursuant to section 22a-268h. Such programs and projects shall promote affordable, sustainable and self-sufficient management of waste within the state by reducing solid waste generation or diverting solid waste from disposal, consistent with the state-wide solid waste management plan established pursuant to section 22a-228.

(c) Not later than January 1, 2024, and annually thereafter, the Department of Energy and Environmental Protection shall submit a report, in accordance with the provisions of section 11-4a, to the joint standing committees of the General Assembly having cognizance of matters relating to the environment and energy and technology detailing the expenditures of any funds disbursed from the sustainable materials management account established in subsection (a) of this section and the outcomes associated with such expenditures.