An Act
ENROLLED SENATE
BILL NO. 1370 By: Paxton of the Senate
and
Boles and Davis of the
House
An Act relating to the Oklahoma Low Carbon Energy
Initiative; amending 17 O.S. 2021, Section s 802.2, as
last amended by Section 1 of Enrolled Senate Bill No .
1535 of the 2nd Session of the 59th Oklahoma
Legislature, and 802.4, which relate to the Oklahoma
Energy Initiative Act ; modifying scope of duties;
providing for the acceptance of other funds;
providing an effective date; and declaring an
emergency.
SUBJECT: Oklahoma Low Carbon Energy Initiative
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 17 O.S. 2021, Section 802.2, as
last amended by Section 1 of Enrolled Senate Bill No. 1535 of the
2nd Session of the 59th Oklahoma Legislature , is amended to read as
follows:
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 serve as a strategic
program designed to create, advance, and promote new and existing
energy research and development, use, supply chain activity, and
infrastructure related to Oklahoma's core energy competencies by:
1. Promoting research and development in the areas of
conventional and unconventional oil and natural gas development and
ENR. S. B. NO. 1370 Page 2
production, hydrogen production, storage, and distribution, CO 2
enhanced oil recovery, wind forecasting, advanced biofuels, energy
storage, water management, nuclear energy, energy policy and
economic analysis, energy system optimization, renewable energy
integration into the electrical grid, and similar energy
technologies;
2. Fostering communication and collaboration between state and
federal governmental agencies, institutions of hi gher 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 industries and regions of the state;
4. Streamlining research and development efforts between
private and public industry to create synergistic relationships that
coordinate, not duplicate, efforts;
5. Establishing Oklahoma as a regional resource and
clearinghouse for transformative energy technol ogies 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 aligned with Oklahoma's natural resour ce base;
7. Coordinating with the Oklahoma Department of Commerce to
enhance venture capital investment in energy -related research and
business opportunities; and
8. Promoting seed funding that can be leveraged against state,
federal, and private -source funding to establish sufficient startup
resources; and
9. Satisfying equipment needs related to monitoring seismic
activity.
B. The Initiative may receive assistance from any state agency
or public entity to implement the provisions of the Oklahoma E nergy
Initiative Act including, but not limited to, administrative
assistance, staffing or legal counsel and provision of office space
ENR. S. B. NO. 1370 Page 3
or equipment as necessary. Assistance agreements may be made 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 Revolving 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 f unds on behalf of the Oklahoma Energy
Initiative from any authorized source. All monies accruing to the
credit of the fund are hereby appropriated and may be budgeted and
expended by the Oklahoma Energy Initiative for the purpose of
satisfying the objectives of the Oklahoma Energy Initiative Act.
B. State appropriations for the Initiative shall be made as
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 the Initiative.
C. The Initiative is authorized to accept donations, grants 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 become 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 this act shall take effect and
be in full force from and after its passage and approval.
ENR. S. B. NO. 1370 Page 4
Passed the Senate the 21st day of May, 2024.
Presiding Officer of the Senate
Passed the House of Representatives the 15th day of April, 2024.
Presiding Officer of the House
of Representatives
OFFICE OF THE GOVERNOR
Received by the Office of the Governor this _______ _____________
day of _________________ __, 20_______, at _______ o'clock _______ M.
By: _________________________________
Approved by the Governor of the State of Oklahoma this _______ __
day of _________________ __, 20_______, at _______ o'clock _______ M.
_________________________________
Governor of the State of Oklahoma
OFFICE OF THE SECRETARY OF STATE
Received by the Office of the Secretary of State this _______ ___
day of _________________ _, 20 _______, at _______ o'clock _______ M.
By: _________________________________