1. A. This article shall be known and may be cited as the "Oklahoma Carbon Sequestration Enhancement Act".

2. B. The Oklahoma Legislature finds that:

   1. 1. Increasing levels of carbon dioxide in the atmosphere have led to growing interest in national and international forums for implementing measures to slow and reverse the buildup of such atmospheric constituents. These measures may include, but are not limited to, the establishment of systems of trading in carbon dioxide credits or adoption of practices, technologies, or other measures which decrease the concentration of carbon dioxide in the atmosphere;
   2. 2. Improved agricultural practices, including, but not limited to, soil and vegetation, improved natural resources conservation practices, including, but not limited to, vegetation, revegetation, forestation and reforestation on rangeland and other agricultural and nonagricultural lands, improved practices for the capture and sequestration of carbon dioxide emissions through carbon dioxide injection in marginally producing oil and/or gas wells and abandoned oil and/or gas wells and other improved methods of stewardship for Oklahoma’s natural resources have great potential to increase carbon sequestration and help offset the impact of carbon dioxide emissions on carbon dioxide concentrations in the atmosphere; and
   3. 3. It is in the interest of the citizens of this state that the Oklahoma Conservation Commission document and quantify carbon sequestration associated with improved agricultural practices, improved natural resources conservation practices associated with other methods of improved stewardship of soil and vegetation for Oklahoma’s natural resources, on rangeland, and other agricultural and nonagricultural lands, and associated with the capturing and sequestration of carbon dioxide emissions through carbon dioxide injection in marginally producing oil and/or gas wells and abandoned oil and/or gas wells.
3. C. It is the intent of the Legislature that such efforts to document and quantify carbon sequestration on agricultural and nonagricultural lands and the capturing and sequestration of carbon dioxide emissions through carbon dioxide injection in marginal oil and/or gas wells and abandoned oil and/or gas wells within the state will enhance the ability of the state's landowners, well owners and mineral owners to participate in any system of carbon dioxide emissions marketing or trading that may be developed in the future.

Laws 2001, HB 1192, c. 81, § 1, emerg. eff. April 16, 2001; Amended by Laws 2003, HB 1051, c. 221, § 1, emerg. eff. May 20, 2003 (superseded document available).