IN SB0373 | 2021 | Regular Session

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 12 2021 - 25% progression
Action: 2021-01-12 - First reading: referred to Committee on Natural Resources
Pending: Senate Natural Resources Committee
Hearing: Feb 1 @ 10:00 am in Room 130
Text: Latest bill text (Introduced) [PDF]

Summary

Carbon credit programs. Amends the law concerning the President Benjamin Harrison conservation trust program to give the program additional powers relating to the reduction of carbon footprints. Authorizes the program to: (1) receive money from persons wishing to invest in actions that will result in carbon sequestration; (2) deposit the money in an account called the INpact forest carbon account; (3) use money in the account to purchase property that will generate carbon offsets and make grants to land trusts or other entities that will purchase property to generate carbon offsets; and (4) sell or facilitate the sale of carbon offsets. Provides that money in the INpact forest carbon account may be used to pay all costs and expenses associated with the new program functions. Amends the law concerning the clean water Indiana program to create a new account called the INpact farmland carbon account and to give the lieutenant governor powers relating to the reduction of carbon footprints. Authorizes the lieutenant governor to: (1) receive money from persons wishing to invest in actions that will result in carbon sequestration; (2) deposit the money in the INpact farmland carbon account; (3) use money in the account to compensate farmers for carbon farming practices, purchase property interests that will generate carbon offsets, and make grants to land trusts or other not-for-profit entities that will purchase property interests to generate carbon offsets; and (4) sell or facilitate the sale of carbon offsets. Provides that money in the INpact farmland carbon account may be used to pay all costs and expenses associated with the new program functions. Requires the lieutenant governor to establish a program under which persons who satisfy certain requirements may register as technical advisers or verifiers. Defines "technical adviser" as a person who provides technical assistance to farmers and private forest landowners in carrying out climate-friendly farming and forestry practices and "verifier" as a person who verifies the use of climate-friendly farming and forestry practices and the generation of credits through those practices for purposes of greenhouse gas credit markets. Requires a person who registers as a technical adviser or verifier to pay a registration fee to defray the expenses of operating the program. Requires the lieutenant governor to adopt rules establishing standards for the program. Establishes an advisory council to advise the lieutenant governor on the standards for the program. Requires the lieutenant governor to publish a list of persons registered as technical advisers or verifiers under the program on the Internet.

Tracking Information

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Title

Carbon credit programs.

Sponsors


History

DateChamberAction
2021-01-12SenateFirst reading: referred to Committee on Natural Resources
2021-01-12SenateAuthored by Senator Glick

Indiana State Sources


Bill Comments

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