Bill Text: TX SB1839 | 2021-2022 | 87th Legislature | Introduced

Texas Senate Bill 1839 (Prior Session Legislation)

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



	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.