Relating to the implementation of and incentives for projects involving the capture, transportation, injection, sequestration, geologic storage, or abatement of carbon dioxide.
Impact
As part of its incentive framework, HB2811 allows the Texas Commission on Environmental Quality to manage an advanced clean energy project grant and loan program. Grants and loans can provide financial backing for projects that utilize innovative technologies for CO2 control, thereby promoting a shift toward cleaner energy production. Furthermore, the bill authorizes public financial mechanisms, such as general obligation bonds, to fund these initiatives. Overall, the legislation points towards an increased investment in state-level projects that align with national and global commitments to mitigate climate change.
Summary
House Bill 2811 aims to implement a framework for projects that involve the capture, transportation, injection, sequestration, geologic storage, or abatement of carbon dioxide (CO2). The bill establishes definitions for 'advanced clean energy projects' and 'clean coal projects,' aiming to facilitate and incentivize the development of technologies that could significantly reduce greenhouse gas emissions related to energy production in Texas. By directing state resources to support these projects, HB2811 seeks to enhance the state's energy portfolio while addressing environmental concerns stemming from fossil fuel usage.
Contention
Discussion around HB2811 may highlight contention concerning the balance between economic growth and environmental protection. While proponents argue that the bill is essential for advancing clean technologies and reducing emissions, critics may express concerns over the potential subsidies for fossil fuel industries under the guise of promoting clean energy. Additionally, debates might arise about local governance and the implications of state-level incentivization affecting smaller communities' ability to create independent sustainable energy projects.
Identical
Relating to the implementation of and incentives for projects involving the capture, transportation, injection, sequestration, geologic storage, or abatement of carbon dioxide; providing for the issuance of bonds.
TX HJR123
Enabling for
Proposing a constitutional amendment authorizing the issuance of general obligation bonds to provide and guarantee loans to encourage clean energy projects.
Relating to the ownership of the pore space underlying the surface of land and to the use of that space for the geologic storage of carbon dioxide; authorizing a fee.
Relating to agreements authorizing a limitation on taxable value of certain property to provide for the creation of jobs and the generation of state and local tax revenue; authorizing fees; authorizing penalties.