AB 1086: Marine Carbon Initiative.

The bill establishes the Marine Carbon Initiative to advance the science and understanding of marine carbon dioxide removal and sequestration methods and technologies. The initiative includes a Marine Carbon Council, which will consist of 7 members chosen by the state board, and a Marine Carbon Research Program. The council will provide recommendations to the state board on marine carbon dioxide removal and sequestration by July 1, 2028. The program will award grants and other financial incentives for eligible marine carbon dioxide removal and sequestration projects. The state board will administer the program in consultation with the council. The council will submit a report to the legislature annually, summarizing its findings and progress. The state board will receive $2,000,000 annually for no less than 7 years to fund the program.