A. The Oklahoma Conservation Commission is hereby authorized to establish and administer the carbon sequestration certification program. The purposes of the program are to provide a mechanism for creating and preserving carbon reserves in this state by encouraging voluntary practices that protect or improve natural resources, to enable Oklahomans to participate in market-based programs for natural resource protection, to provide a mechanism for Oklahomans to benefit from the ecosystem services they provide, to verify carbon sequestration or storage associated with carbon sequestration practices, and to issue carbon sequestration certificates associated with carbon sequestration practices that the Commission determines qualify for such certificates.

B. The Commission, in consultation with the Department of Environmental Quality and with the advice of the carbon sequestration stakeholder groups appointed by the Commission, shall develop and promulgate rules as necessary to administer, implement and enforce the provisions of this act, including, but not limited to, developing and implementing uniform standards and criteria for verifying carbon sequestration and storage associated with carbon sequestration practices and issuing carbon sequestration certificates associated with approved carbon sequestration practices. In promulgating the rules, the Commission shall develop the program to be as consistent as possible with other governmental programs designed to create carbon reserves for the purpose of voluntarily reducing greenhouse gases or designed to certify carbon sequestration practices.

C. In order for carbon sequestration to be verified and certified under this section, an applicant shall file an application with the Commission. Along with the application, the applicant shall submit a resource management plan, or a project plan as applicable, detailing activities that will increase or maintain existing trapped carbon including, but not limited to, improved forest management, alteration of or changes in silviculture practices, and growing of designated crops and any other such practices including, but not limited to, the capture and sequestration of carbon dioxide emissions through injection of carbon dioxide underground.

D. The Commission shall require applicants to submit such information, forms, and reports as are necessary to properly and efficiently administer the program.

E. Prior to granting a carbon sequestration certificate, the Commission shall adopt criteria associated with the approved carbon sequestration practice for which an application is submitted. In addition, the Commission shall determine, based upon compliance with the site criteria, the volume or numerical amount of credits or offsets achievable by the specific carbon sequestration practice.

F. Applications for a carbon sequestration certificate shall be approved or denied in accordance with criteria promulgated by the Commission.

G. The Commission is authorized to establish fees associated with the carbon sequestration certification program.

Added by Laws 2002, c. 273, § 2, emerg. eff. May 20, 2002. Amended by Laws 2003, c. 221, § 4, emerg. eff. May 20, 2003; Laws 2011, c. 264, § 5.