87R4467 JAM-D
By: Eckhardt S.B. No. 1839
A BILL TO BE ENTITLED
AN ACT
relating to establishing an advisory board to study the creation of
an entity to facilitate the certification, buying, and selling of
carbon capture and sequestration credits.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. DEFINITIONS. In this Act:
(1) "Advisory board" means the Carbon Capture and
Sequestration Advisory Board.
(2) "Carbon capture and sequestration credit" means a
credit of monetary value that certifies the removal of carbon
dioxide from the atmosphere or ocean through photosynthesis or
other natural processes for permanent storage in the soil, sea, or
other natural feature.
(3) "Commission" means the Texas Commission on
Environmental Quality.
SECTION 2. CARBON CAPTURE AND SEQUESTRATION ADVISORY BOARD
ESTABLISHED. (a) The Carbon Capture and Sequestration Advisory
Board is established and is composed of one representative from
each of the following entities, appointed by the administrative
head of that entity:
(1) the General Land Office;
(2) the Parks and Wildlife Department;
(3) the comptroller's office;
(4) the Department of Agriculture;
(5) the Texas A&M AgriLife Extension Service;
(6) the Harte Research Institute for Gulf of Mexico
Studies at Texas A&M University -- Corpus Christi;
(7) the Texas Advanced Computing Center at The
University of Texas at Austin;
(8) the Arthur Temple College of Forestry and
Agriculture at Stephen F. Austin State University;
(9) the Jackson School of Geosciences at The
University of Texas at Austin;
(10) the Pecan Street research and development
organization;
(11) a Texas-based environmental nonprofit
organization; and
(12) the commission.
(b) The executive director of the commission serves as the
presiding officer of the advisory board.
SECTION 3. CARBON CAPTURE AND SEQUESTRATION REGULATION
STUDY. (a) The advisory board shall study the desirability,
feasibility, and logistics of establishing an independent
semigovernmental entity to manage the certification,
accreditation, buying, and selling of carbon capture and
sequestration credits in this state. As part of the study the
advisory board shall:
(1) consider certification and accreditation
standards of carbon capture and sequestration credits for the
entity that prioritize the protection of the natural environment;
and
(2) undertake an analysis of the economic effect that
the proposed entity's trading activity and ancillary services would
provide for this state from the year 2025 to the year 2035.
(b) The commission shall provide administrative support to
the advisory board in carrying out this Act.
SECTION 4. STUDY REPORT; EXPIRATION OF ACT. (a) Not later
than September 1, 2022, the advisory board shall deliver to the
governor, the lieutenant governor, the speaker of the house of
representatives, and each member of the legislature a report on the
determinations of the advisory board based on the study conducted
under Section 3 of this Act. The advisory board shall deliver
related information to the governor, lieutenant governor, or a
member of the legislature on that person's request.
(b) The report issued under this section must propose:
(1) bylaws for the governance of the proposed entity;
(2) certification and accreditation standards of
carbon capture and sequestration credits that prioritize the
protection of the natural environment;
(3) a financial structure for the entity such that the
entity would be funded solely by fees assessed by the entity on
market participants; and
(4) an estimate of the initial appropriation necessary
to fund the creation of the entity.
(c) Any bylaws proposed under Subsection (b)(1) of this
section must include provisions requiring that the meetings of the
proposed entity be:
(1) open to the public;
(2) held only after seven days' notice has been given,
with exceptions provided for urgent matters; and
(3) broadcast in real time on an Internet website that
is publicly accessible without charge.
(d) The advisory board is abolished and this Act expires
January 1, 2023.
SECTION 5. EFFECTIVE DATE. This Act takes effect
immediately if it receives a vote of two-thirds of all the members
elected to each house, as provided by Section 39, Article III, Texas
Constitution. If this Act does not receive the vote necessary for
immediate effect, this Act takes effect September 1, 2021.