Texas 2021 - 87th Regular

Texas Senate Bill SB1839 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	87R4467 JAM-D
2	2	By: Eckhardt S.B. No. 1839
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to establishing an advisory board to study the creation of
8	8	an entity to facilitate the certification, buying, and selling of
9	9	carbon capture and sequestration credits.
10	10	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
11	11	SECTION 1. DEFINITIONS. In this Act:
12	12	(1) "Advisory board" means the Carbon Capture and
13	13	Sequestration Advisory Board.
14	14	(2) "Carbon capture and sequestration credit" means a
15	15	credit of monetary value that certifies the removal of carbon
16	16	dioxide from the atmosphere or ocean through photosynthesis or
17	17	other natural processes for permanent storage in the soil, sea, or
18	18	other natural feature.
19	19	(3) "Commission" means the Texas Commission on
20	20	Environmental Quality.
21	21	SECTION 2. CARBON CAPTURE AND SEQUESTRATION ADVISORY BOARD
22	22	ESTABLISHED. (a) The Carbon Capture and Sequestration Advisory
23	23	Board is established and is composed of one representative from
24	24	each of the following entities, appointed by the administrative
25	25	head of that entity:
26	26	(1) the General Land Office;
27	27	(2) the Parks and Wildlife Department;
28	28	(3) the comptroller's office;
29	29	(4) the Department of Agriculture;
30	30	(5) the Texas A&M AgriLife Extension Service;
31	31	(6) the Harte Research Institute for Gulf of Mexico
32	32	Studies at Texas A&M University -- Corpus Christi;
33	33	(7) the Texas Advanced Computing Center at The
34	34	University of Texas at Austin;
35	35	(8) the Arthur Temple College of Forestry and
36	36	Agriculture at Stephen F. Austin State University;
37	37	(9) the Jackson School of Geosciences at The
38	38	University of Texas at Austin;
39	39	(10) the Pecan Street research and development
40	40	organization;
41	41	(11) a Texas-based environmental nonprofit
42	42	organization; and
43	43	(12) the commission.
44	44	(b) The executive director of the commission serves as the
45	45	presiding officer of the advisory board.
46	46	SECTION 3. CARBON CAPTURE AND SEQUESTRATION REGULATION
47	47	STUDY. (a) The advisory board shall study the desirability,
48	48	feasibility, and logistics of establishing an independent
49	49	semigovernmental entity to manage the certification,
50	50	accreditation, buying, and selling of carbon capture and
51	51	sequestration credits in this state. As part of the study the
52	52	advisory board shall:
53	53	(1) consider certification and accreditation
54	54	standards of carbon capture and sequestration credits for the
55	55	entity that prioritize the protection of the natural environment;
56	56	and
57	57	(2) undertake an analysis of the economic effect that
58	58	the proposed entity's trading activity and ancillary services would
59	59	provide for this state from the year 2025 to the year 2035.
60	60	(b) The commission shall provide administrative support to
61	61	the advisory board in carrying out this Act.
62	62	SECTION 4. STUDY REPORT; EXPIRATION OF ACT. (a) Not later
63	63	than September 1, 2022, the advisory board shall deliver to the
64	64	governor, the lieutenant governor, the speaker of the house of
65	65	representatives, and each member of the legislature a report on the
66	66	determinations of the advisory board based on the study conducted
67	67	under Section 3 of this Act. The advisory board shall deliver
68	68	related information to the governor, lieutenant governor, or a
69	69	member of the legislature on that person's request.
70	70	(b) The report issued under this section must propose:
71	71	(1) bylaws for the governance of the proposed entity;
72	72	(2) certification and accreditation standards of
73	73	carbon capture and sequestration credits that prioritize the
74	74	protection of the natural environment;
75	75	(3) a financial structure for the entity such that the
76	76	entity would be funded solely by fees assessed by the entity on
77	77	market participants; and
78	78	(4) an estimate of the initial appropriation necessary
79	79	to fund the creation of the entity.
80	80	(c) Any bylaws proposed under Subsection (b)(1) of this
81	81	section must include provisions requiring that the meetings of the
82	82	proposed entity be:
83	83	(1) open to the public;
84	84	(2) held only after seven days' notice has been given,
85	85	with exceptions provided for urgent matters; and
86	86	(3) broadcast in real time on an Internet website that
87	87	is publicly accessible without charge.
88	88	(d) The advisory board is abolished and this Act expires
89	89	January 1, 2023.
90	90	SECTION 5. EFFECTIVE DATE. This Act takes effect
91	91	immediately if it receives a vote of two-thirds of all the members
92	92	elected to each house, as provided by Section 39, Article III, Texas
93	93	Constitution. If this Act does not receive the vote necessary for
94	94	immediate effect, this Act takes effect September 1, 2021.