HB50 creates a regulatory framework for underground carbon storage under the Alaska Oil and Gas Conservation Commission. It establishes funds like the Carbon Storage Closure Trust and regulates storage leases and exploration licenses. The main incentive for companies is the federal 45Q tax credit. While it also addresses geothermal resources and gas storage, the bill primarily adds regulations for carbon capture and includes provisions for Cook Inlet oil and gas projects.
The Alaska State Senate passed HB50 on May 15, 2024 by a vote of 17 to 2. We have assigned pluses to the nays because this bill expands government by introducing regulations that infringe on individual freedom and economic liberty. Taxpayer funds should not be used to support compliance with Agenda 2030, as it is unconstitutional. Additionally, this regulatory framework prioritizes international agendas over U.S. sovereignty and control, further increasing government intervention in private sector activities.