SB739 SFA Tarr #1 2-27
Stewart 7853
Senator Tarr moved to amend the bill by striking out everything after the enacting clause and inserting in lieu thereof the following:
(a) The Legislature hereby finds that there currently exist insufficient and inadequate measures to protect West Virginia citizens from substantial economic harm resulting from agreements being actively sought by entities seeking to alienate resources and real property in this state to benefit from carbon offsets, carbon tax credits, and similar benefits with rapidly evolving economic effects.
(b) The Legislature further finds that a moratorium on entering into any contract or other agreement selling, leasing, letting, or otherwise transferring property rights relating to any carbon storage, carbon capture, carbon sequestration, or similar agreements, related specifically to the biological sequestration of carbon, for the limited period of 60 days will allow the Legislature to deliberate and pass laws as may be determined to be necessary to prevent or mitigate substantial economic harm to West Virginia citizens.
For a period of 60 days from the effective date of the legislation passed during the regular session of the Legislature, 2023, establishing this article, it shall be unlawful and prohibited for any contract or agreement to be entered into which includes any provision for the selling, leasing, letting, or otherwise transferring any property rights for property situate in this state relating to the biological means of carbon storage, carbon capture, carbon sequestration, or similar methods of offset for economic or other gain: Provided, That the 60-day moratorium shall not apply to any contract or other agreement selling, leasing, letting, or otherwise transferring property rights relating to the geological sequestration or storage of carbon unless such geological sequestration or storage interferences with the severance of coal, oil, gas or other minerals.
Adopted
Rejected