Bill Text: TX SB1839 | 2021-2022 | 87th Legislature | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2021-03-26 - Referred to Natural Resources & Economic Development [SB1839 Detail]
Download: Texas-2021-SB1839-Introduced.html
87R4467 JAM-D | ||
By: Eckhardt | S.B. No. 1839 |
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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. |