SB 643: Carbon Dioxide Removal Purchase Program.

This bill establishes a competitive grant program for carbon dioxide removal projects in California. The program will fund projects that remove carbon dioxide from the atmosphere and permanently retire the removed carbon dioxide. The program will have an annual budget of $50 million, with up to 10% for administrative costs. Eligible projects can receive up to $25 million for large-scale projects and $12.5 million for individual sponsors. The program will require projects to meet certain guidelines, including the definition of an eligible project, and will be contingent upon an appropriation by the legislature. All funds will be available for a period of 10 years.