Panel backs bill to create long‑term stewardship fund for CO2 storage, 10‑1
Lawmakers advanced HB 458 to establish a state stewardship fund paid by a per‑ton fee on CO2 injections and to set a minimum five‑year post‑injection monitoring period; the bill drew support from utilities and labor and opposition from youth and environmental advocates.
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Representative Dixon introduced HB 458, a bipartisan, bicameral bill to create a long‑term stewardship fund for carbon dioxide storage projects in New Mexico. The measure would require operators to pay an initial fee of no less than $0.10 per metric ton of CO2 injected over the operating life of a project, with the Department of Energy, Minerals and Natural Resources (MERND/MNERD in testimony) authorized to publish a fee schedule to meet projected stewardship needs. The bill also requires continued monitoring and reporting and bars issuance of a certificate of closure until at least five years after injection ceases.
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