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A BILL TO BE ENTITLED
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AN ACT
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relating to establishing an advisory board to study the creation of |
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an entity to facilitate the certification, buying, and selling of |
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carbon capture and sequestration credits. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. DEFINITIONS. In this Act: |
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(1) "Advisory board" means the Carbon Capture and |
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Sequestration Advisory Board. |
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(2) "Carbon capture and sequestration credit" means a |
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credit of monetary value that certifies the removal of carbon |
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dioxide from the atmosphere or ocean through photosynthesis or |
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other natural processes for permanent storage in the soil, sea, or |
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other natural feature. |
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(3) "Commission" means the Texas Commission on |
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Environmental Quality. |
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SECTION 2. CARBON CAPTURE AND SEQUESTRATION ADVISORY BOARD |
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ESTABLISHED. (a) The Carbon Capture and Sequestration Advisory |
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Board is established and is composed of one representative from |
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each of the following entities, appointed by the administrative |
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head of that entity: |
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(1) the General Land Office; |
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(2) the Parks and Wildlife Department; |
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(3) the comptroller's office; |
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(4) the Department of Agriculture; |
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(5) the Texas A&M AgriLife Extension Service; |
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(6) the Harte Research Institute for Gulf of Mexico |
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Studies at Texas A&M University -- Corpus Christi; |
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(7) the Texas Advanced Computing Center at The |
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University of Texas at Austin; |
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(8) the Arthur Temple College of Forestry and |
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Agriculture at Stephen F. Austin State University; |
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(9) the Jackson School of Geosciences at The |
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University of Texas at Austin; |
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(10) the Pecan Street research and development |
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organization; |
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(11) a Texas-based environmental nonprofit |
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organization; and |
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(12) the commission. |
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(b) The executive director of the commission serves as the |
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presiding officer of the advisory board. |
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SECTION 3. CARBON CAPTURE AND SEQUESTRATION REGULATION |
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STUDY. (a) The advisory board shall study the desirability, |
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feasibility, and logistics of establishing an independent |
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semigovernmental entity to manage the certification, |
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accreditation, buying, and selling of carbon capture and |
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sequestration credits in this state. As part of the study the |
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advisory board shall: |
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(1) consider certification and accreditation |
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standards of carbon capture and sequestration credits for the |
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entity that prioritize the protection of the natural environment; |
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and |
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(2) undertake an analysis of the economic effect that |
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the proposed entity's trading activity and ancillary services would |
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provide for this state from the year 2025 to the year 2035. |
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(b) The commission shall provide administrative support to |
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the advisory board in carrying out this Act. |
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SECTION 4. STUDY REPORT; EXPIRATION OF ACT. (a) Not later |
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than September 1, 2022, the advisory board shall deliver to the |
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governor, the lieutenant governor, the speaker of the house of |
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representatives, and each member of the legislature a report on the |
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determinations of the advisory board based on the study conducted |
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under Section 3 of this Act. The advisory board shall deliver |
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related information to the governor, lieutenant governor, or a |
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member of the legislature on that person's request. |
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(b) The report issued under this section must propose: |
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(1) bylaws for the governance of the proposed entity; |
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(2) certification and accreditation standards of |
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carbon capture and sequestration credits that prioritize the |
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protection of the natural environment; |
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(3) a financial structure for the entity such that the |
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entity would be funded solely by fees assessed by the entity on |
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market participants; and |
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(4) an estimate of the initial appropriation necessary |
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to fund the creation of the entity. |
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(c) Any bylaws proposed under Subsection (b)(1) of this |
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section must include provisions requiring that the meetings of the |
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proposed entity be: |
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(1) open to the public; |
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(2) held only after seven days' notice has been given, |
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with exceptions provided for urgent matters; and |
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(3) broadcast in real time on an Internet website that |
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is publicly accessible without charge. |
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(d) The advisory board is abolished and this Act expires |
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January 1, 2023. |
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SECTION 5. EFFECTIVE DATE. This Act takes effect |
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immediately if it receives a vote of two-thirds of all the members |
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elected to each house, as provided by Section 39, Article III, Texas |
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Constitution. If this Act does not receive the vote necessary for |
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immediate effect, this Act takes effect September 1, 2021. |