The “Oklahoma Carbon Capture and Geologic Sequestration Act” gives jurisdiction to the Corporation Commission to oversee CO2 injections in oil or gas reservoirs and to the Department of Environmental Quality for any other geologic formations.
Contains general provisions for voluntary carbon offset program, which may be implemented through geologic CO2 sequestration, as well as other methods.
Contains regulations specific to geologic carbon sequestration for the carbon offset program, including fees, application requirements, monitoring provisions, and eligibility limitations.
Creates a program to certify coal and natural gas-fired plants that capture and sequester 70% CO2 emissions for a “clean energy project” tax credit under Texas Tax Code § 171.602.
Establishes legal and regulatory framework for permitting of CO2 sequestration sites and empowers the Department of Environmental Protection to permit and monitor carbon sequestration sites.