The State of Illinois assumes any liabilities associated with the sequestered gas, as well as any current or future environmental benefits, marketing claims, tradable credits, emissions allocations or offsets.
Creates the carbon dioxide injection well and underground storage fund, and authorizes it to pay expenses related to permitting and regulatory oversight, enforcement,long-term monitoring and post-closure remediation.
Operator is released from liability 10 years after injection stops, if the operator can show that the reservoir can reasonably be expected to retain mechanical integrity, and the carbon dioxide will reasonably remain emplaced. State takes ownership of the storage facility and injected CO2, but the state shall not assume liability by the act of assuming ownership.
Funding Mechanism:
The bill creates the Carbon Dioxide Storage Trust Fund, and requires operators to pay a set fee per ton of CO2 injected into this fund. The fee for each storage operator is capped at 5 million dollars. Fund can be used for administrative expenses of regulating geologic storage, as well as monitoring and remediation of closed sites.
Liability will transfer to the sate following issuance of a certificate of completion by the Board.
Funding Mechanism:
Establishes a geologic storage reservoir program account in the special revenue fund. This fund will be used to cover the Board�¢ï¿½&Ati
Notes:
Certificate of completion can be issued upon determination that the injected CO2 is stable and will be retained in the geologic storage reservoir, not less than 15 years after carbon dioxide injections end.
Transferred to state upon issuance of a certificate of project completion. State is responsible for long-term management and monitoring until such time as the federal government assumes responsibility.
Funding Mechanism:
Bill creates the carbon dioxide trust fund, funded by a fee on each ton of CO2 injected for storage.
Notes:
Certificate of project completion can be issued not sooner than 10 years after injection ends, if the injected CO2 is stable and the reservoir is reasonably expected to retain the stored CO2.
After closure of an offshore geologic sequestration site, the Texas School Land Board shall acquire title to the injected CO2, after which time the CO2 producer is relieved of liability. This act does not relieve contractors for liability from acts or omissions during construction or operation of the carbon dioxide repository.
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.
