This bill establishes a fund for long-term stewardship expenses, and directs the Department of Environmental Quality to specify financial assurance requirements for geologic sequestration permits.
Sequestration
Sequestration Site Permitting
Notes:
Directs the Department of Environmental Quality to specify insurance, bonding and financial assurance requirements for geologic sequestration permits, and procedures for releasing bonds or termination of insurance instruments after the administrator issues a completion and release certificate (a minimum of 10 years after injection stops).
Long-term Stewardship
Long-term Liability:
Existence of the fund does not constitute an assumption of any liability by the state for geologic sequestration sites or the injected CO2.
Funding Mechanism:
The geologic sequestration special revenue account, funded by…, is to be used to measure, monitor, and verify geologic sequestration sites following site closure.
