Marine Carbon Initiative.

This bill would require the state board to establish the Marine Carbon Initiative and would set forth the objectives of the initiative, including advancing the body of research and scientific understanding of marine carbon dioxide removal and sequestration. The bill would require the initiative to include the Marine Carbon Council (council) and the Marine Carbon Research Program (program). The bill would require the state board, on or before July 1, 2027, to establish the council to advance the science and understanding of marine carbon dioxide removal and sequestration methods and technologies. The bill would require the council to consist of 7 members chosen by the state board who would be selected on or before August 1, 2027, and would specify the selection process for, and the qualifications of, the council. The bill would require the council, by July 1, 2028, to report to the state board with recommendations on marine carbon dioxide removal and sequestration, as specified. The bill would require the state board, on or before August 1, 2028, to establish the program, and would require the state board to administer the program in consultation with the council. The bill would require the program to award grants on a competitive basis, and other financial incentives the state board may designate, for eligible marine carbon dioxide removal and sequestration projects, as specified. The bill would require the council, on or before January 1, 2029, and biennially thereafter, to submit a report to the Legislature that, at minimum, summarizes the findings and progress of the council in its work, as provided. The bill would require, upon appropriation by the Legislature, the sum of $2,000,000 to be allocated to the state board annually for no less than 7 years to fund the program.