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

B. The Oklahoma Legislature finds that:

1. Increasing levels of carbon dioxide and other gases 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 and improve air quality;

2. Carbon sequestration practices 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. It is in the interest of the citizens of this state that the Oklahoma Conservation Commission document and quantify carbon sequestration associated with carbon sequestration practices.

C. It is the intent of the Legislature that such efforts to document and quantify carbon sequestration associated with carbon sequestration practices 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.

D. For purposes of this act, “carbon sequestration practices” and “carbon capture and storage practices” shall mean and include:

1. Improved agricultural practices, including, but not limited to, decreasing soil tillage, planting and managing vegetation, growing agricultural crops or managing any existing vegetated area;

2. Improved natural resources conservation practices, including, but not limited to, vegetation, revegetation, forestation, afforestation and reforestation on rangeland and other agricultural and nonagricultural lands;

3. Practices involving the capture and sequestration or storage of carbon dioxide emissions through carbon dioxide injection in producing oil or gas wells, abandoned oil or gas wells, or other wells;

4. Other improved methods of stewardship for the natural resources of Oklahoma; and

5. Other methods of sequestering, displacing or avoiding carbon dioxide emissions approved by the Oklahoma Conservation Commission.

Added by Laws 2001, c. 81, § 1, emerg. eff. April 16, 2001. Amended by Laws 2003, c. 221, § 1, emerg. eff. May 20, 2003; Laws 2011, c. 264, § 2.