1. A. The "geologic carbon dioxide long-term storage stewardship fund" is created as a nonreverting fund in the state treasury. The fund consists of fees collected from operators at a rate of not less than ten cents ($.10) per metric ton of carbon dioxide injected for storage pursuant to applicable statutes and rules, distributions, appropriations, gifts, grants and donations. The oil conservation commission shall establish by rule a fee schedule sufficient to meet the projected needs of the fund. All fees collected pursuant to this section shall be transmitted to the state treasurer for credit to the fund. All money in the fund is appropriated to the division for the sole purpose of ensuring the long-term storage security of geologic sequestration facilities. Disbursements from the fund shall be made by warrant of the secretary of finance and administration pursuant to vouchers signed by the secretary of energy, minerals and natural resources.

2. B. The division shall administer the geologic carbon dioxide long-term storage stewardship fund, and money in the fund shall be used for:

   1. (1) long-term monitoring of geologic sequestration facilities and associated class 6 injection wells;
   2. (2) remediation of mechanical problems associated with geologic sequestration facilities and associated carbon dioxide class 6 injection wells;
   3. (3) repairing mechanical leaks at geologic sequestration facilities;
   4. (4) plugging abandoned carbon dioxide class 6 injection wells used for geologic sequestration;
   5. (5) remediation of surface facilities, access, and rights of way related to a geologic sequestration site;
   6. (6) training and technology transfer related to carbon dioxide injection and geologic sequestration;
   7. (7) compliance and enforcement activities related to geologic sequestration facility operation and associated class 6 injection wells;
   8. (8) oversight and management of geologic sequestration facilities and associated class 6 injection wells after site closure; and
   9. (9) emergency response as deemed necessary by the director of the division.

History: Laws 2025, ch. 48, § 5.

ANNOTATIONS

Effective dates. — Laws 2025, ch. 48 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 20, 2025, 90 days after adjournment of the legislature.