SB1370 HFLR Page 1
BOLD FACE denotes Committee Amendments. 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
HOUSE OF REPRESENTATIVES - FLOOR VERSION
STATE OF OKLAHOMA
2nd Session of the 59th Legislature (2024)
COMMITTEE SUBSTITUTE
FOR ENGROSSED
SENATE BILL NO. 1370 By: Paxton of the Senate
and
Boles of the House
COMMITTEE SUBSTITUTE
An Act relating to the Oklahoma Low Carbon Energy
Initiative; amending 17 O.S. 2021, Section 802.2 , as
amended by Section 1, Chapter 27, O.S.L. 2022 (17
O.S. Supp. 2023, Section 802.2), amending duties;
amending 17 O.S. 2021, Section 802 .4; amending
sources of funds; providing an effective date; and
declaring an emergency .
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 17 O.S. 2021, Section 802.2, as
amended by Section 1, Chapter 27, O.S.L. 2022 (17 O.S. Supp. 2023,
Section 802.2), is amended to read as follow s:
Section 802.2 A. There is hereby created the Oklahoma Low
Carbon Energy Initiative, referred to in Section 802.1 et seq. of
this title as the Initiative, which shall serv e as a strategic
program designed to create, advance, and promote new and existing
SB1370 HFLR Page 2
BOLD FACE denotes Committee Amendments. 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
energy research and development, use, supply chain activity, and
infrastructure related to Oklahoma's core energy competencies by:
1. Promoting research and develop ment in the areas of
conventional and unconventional oil and natural gas development and
production, hydrogen production, storage, and distribution, CO2
enhanced oil recovery, wind fo recasting, advanced b iofuels, energy
storage, water management, energy po licy and economic analysis,
energy system optimization, renewable energy integration into the
electrical grid, and similar en ergy technologies;
2. Fostering communication and collabo ration between state and
federal governmental agencies, institutions of h igher education, and
private entities located throughout Oklahoma;
3. Advancing research and development programs and growing
production, supply chain activity, and infrastructure that provide
benefits to all indust ries and regions of the state;
4. Streamlining research an d development efforts between
private and public industry to create sy nergistic relationships that
coordinate, not duplicate, efforts;
5. Establishing Oklahoma as a regional resource and
clearinghouse for transformative energy technologies in the areas of
traditional energy, hydrogen production, storage, and distribution,
and renewable resource research and development;
6. Attracting best-in-class researchers to Oklahoma in
competency areas alig ned with Oklahoma's natural resource base;
SB1370 HFLR Page 3
BOLD FACE denotes Committee Amendments. 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
7. Coordinating with the Oklahoma Department of Commerce to
enhance venture capital inv estment in energy-related research and
business opportunities; and
8. Promoting seed funding that c an be leveraged against s tate,
federal, and private-source funding to establish sufficient startup
resources; and
9. Satisfying equipment needs related to mon itoring seismic
activity.
B. The Initiative may receive assistance from any state agency
or public entity to implement the provisions of the Oklahoma Energy
Initiative Act including, but not limited to, administrative
assistance, staffing or legal counsel and provision of office space
or equipment as necessary. Assistance agreements may be mad e by
memorandums of understanding or as otherwise provided by law.
SECTION 2. AMENDATORY 17 O.S. 2021, Section 802.4, is
amended to read as follows:
Section 802.4 A. There is hereby created in the State Treasury
a revolving fund for the Oklahoma Energy Initiative to be designated
as the "Oklahoma Energy Initiative Revo lving Fund". The fund shall
be a continuing fund, not subject to fiscal year limitations, and
shall consist of all monies received by the Secretary of Energy and
Environment or any other entity authorized to accept or expend funds
on behalf of the Oklahom a Energy Initiative from any a uthorized
source. All monies accruing to t he credit of the fund are hereby
SB1370 HFLR Page 4
BOLD FACE denotes Committee Amendments. 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
appropriated and may be budgeted and expended by the Oklahom a Energy
Initiative for the purpose of satisfying the objectives of the
Oklahoma Energy Initiative Act.
B. State appropriations for the Initiative shall be made a s
otherwise provided by law and shall be directed to the Secretary of
Energy, or to an agency otherwise directed by the Governor, which
shall directly allocate the appropriations to t he Initiative.
C. The Initiative is authorized to accept donations, gran ts or,
endowments, or other funding from any person, corporation or entity
to achieve the purpose and satisfy the objectives of the Initiative
as provided by this act.
SECTION 3. This act shall be come effective July 1, 2024.
SECTION 4. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof thi s act shall take effect and
be in full force from and after its passage and appr oval.
COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET, dated
04/04/2024 - DO PASS, As Amended.