Relating to the use of money from the Texas emerging technology fund for the research and development of clean energy.
Impact
The passage of HB 1991 would directly influence state laws regarding the allocation of funds for energy research. By prioritizing clean energy projects over other areas such as biotechnology and medicine, the bill signals a significant shift in funding priorities within the Texas Emerging Technology Fund. This can catalyze advancements in the aforementioned areas and encourage investments in sustainable practices across the state.
Summary
House Bill 1991 focuses on amending the Texas Emerging Technology Fund to prioritize funding for clean energy initiatives. Specifically, the bill stipulates that money from the fund should be allocated for research and development aimed at low carbon fuels, low carbon electric generation technologies, and strategies to mitigate carbon emissions. The bill is a testament to Texas's commitment to embracing cleaner energy solutions and addressing climate change through technological innovation.
Contention
While proponents of the bill argue that it is a critical step towards fostering innovation in clean energy, opposition may arise from stakeholders who believe this shift in funding could detract from medical and biotechnology research that is also vital for the state's economy. Additionally, concerns about the continuity of support for existing initiatives could be raised, creating a debate about the best use of state funds in this context.
Proposing a constitutional amendment creating a university research fund to support emerging research universities in The University of Texas System or The Texas A&M University System and disqualifying all component institutions of those university systems from receiving money from the national research university fund.
Relating to the administration and investment of, and distribution and use of money from, certain constitutional and statutory funds to support general academic teaching institutions in achieving national prominence as major research universities and driving the state economy; redesignating the national research university fund as the Texas University Fund.
Relating to the allocation of certain constitutional transfers of money to the economic stabilization fund, the state highway fund, the oil and gas regulation and cleanup account, the Texas emissions reduction plan fund, the property tax relief fund, and the Texas severance tax revenue and oil and natural gas (Texas STRONG) defense fund and to the permissible uses of money deposited to the Texas severance tax revenue and oil and natural gas (Texas STRONG) defense fund.
Relating to the administration and investment of, and distribution and use of money from, certain constitutional and statutory funds to support general academic teaching institutions in achieving national prominence as major research universities and driving the state economy.