S.Amdt. 4928

1. Adds Subtitle D--Carbon Management Programs SEC. 1031. FUTURE FUELS CORPORATION at the end of title X

   Adds a section

   In S. 3036 · Placed on Calendar Senate

   (1) may be sold, traded, or transferred to any hydrofluorocarbon producer or hydrofluorocarbon importer referred to in section 10005(b); but (2) shall not be sold, traded, transferred, or used for compliance with any other emission allowance requirement of this Act or any other law.

   Inserted: Subtitle D--Carbon Management Programs SEC. 1031. FUTURE FUELS CORPORATION.

   Inserted: Subtitle A of title XVI of the Energy Policy Act of 2005 (Public Law 109-58; 119 Stat. 1109) is amended by adding at the end the following:

   Inserted: "SEC. 1602. FUTURE FUELS CORPORATION.

   Inserted: "(a) Establishment.--

   Inserted: "(1) In general.--The Future Fuels Corporation (referred to in this section as the 'Corporation') is established as a government corporation.

   Inserted: "(2) Administration.--The Corporation shall be subject to--

   Inserted: "(A) this section; and

   Inserted: "(B) chapter 91 of title 31, United States Code.

   Inserted: "(3) Board of directors.--

   Inserted: "(A) In general.--The Corporation shall be managed by a board of directors composed of 13 individuals who are citizens of the United States, appointed by the President, by and with the advice and consent of the Senate.

   Inserted: "(B) Limitation.--For purposes of making appointments under subparagraph (A), the board of directors shall not include more than 7 members affiliated with the same political party as the President at any 1 time.

   Inserted: "(C) Chairperson.--The board of directors shall annually elect a Chairperson from among the members of the board of directors.

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   Inserted: "(D) Term.--The term of a member of the board of directors shall be 5 years.

   Inserted: "(4) Transfers.--The Secretary shall transfer to the Corporation any amounts made available under subsection (c).

   Inserted: "(b) Use of Funds.--Beginning in fiscal year 2010, funds transferred by the Secretary to the Corporation under subsection (a)(4) shall be expended by the Corporation to--

   Inserted: "(1) promote and deploy coal and coal cofired polygeneration technologies;

   Inserted: "(2) reduce--

   Inserted: "(A) the carbon footprint of coal consumption; and

   Inserted: "(B) the production of coal-based byproducts; and

   Inserted: "(3) conduct widespread carbon sequestration research, development, and deployment activities.

   Inserted: "(c) Authorization of Appropriations.--There is authorized to be appropriated to the Secretary to carry out this section $17,500,000,000 for the period of fiscal years 2008 through 2012.".

   Inserted: SEC. 1032. CARBON CAPTURE AND STORAGE RESEARCH, DEVELOPMENT, AND DEMONSTRATION PROGRAM.

   Inserted: Section 963 of the Energy Policy Act of 2005 (42 U.S.C. 16293) is amended--

   Inserted: (1) in the section heading, by striking "AND SEQUESTRATION" and inserting "AND STORAGE";

   Inserted: (2) in subsection (a), by striking "and sequestration" and inserting "and storage"; and

   Inserted: (3) by striking subsections (c) and (d) and inserting the following:

   Inserted: "(c) Programmatic Activities.--

   Inserted: "(1) Goal.--The Secretary shall establish a program under which the Secretary shall conduct activities necessary to achieve the goal of annually sequestering at least 1,000,000 tons of carbon dioxide by January 1, 2015.

   Inserted: "(2) Review of existing data.--Not later than 180 days after the date of enactment of the Lieberman-Warner Climate Security Act of 2008, the Secretary shall--

   Inserted: "(A) verify and analyze the results of any assessment conducted by any other Federal agency or a State relating to geological storage capacity and the potential for carbon injection rates, including a risk analysis of any potential geologic storage areas assessed; and

   Inserted: "(B) submit to the appropriate committees of Congress a report that describes the results of the verification and analyses under subparagraph (A).

   Inserted: "(3) Recommendations.--As soon as practicable after the date of enactment of the Lieberman-Warner Climate Security Act of 2008, the Secretary shall submit to the appropriate committees of Congress recommendations on appropriate regulatory and advisory mechanisms for--

   Inserted: "(A) the determination of best technologies;

   Inserted: "(B) the identification and evaluation of state-of-the-art research, development, and deployment strategies for carbon capture and storage technologies;

   Inserted: "(C) the selection and operation of carbon dioxide sequestration sites; and

   Inserted: "(D) the transfer of liability for the sites to the United States.

   Inserted: "(4) Interstate compacts.--As soon as practicable after the date of enactment of this Act, the Secretary shall develop model interstate compacts to govern the transportation, injection, and storage of carbon dioxide.

   Inserted: "(5) Demonstration project.--The Secretary shall conduct geological sequestration demonstration projects involving carbon dioxide sequestration operations in a variety of candidate geological settings, including--

   Inserted: "(A) oil and gas reservoirs;

   Inserted: "(B) unmineable coal seams;

   Inserted: "(C) deep saline aquifers;

   Inserted: "(D) basalt and shale formations; and

   Inserted: "(E) terrestrial sequestration, including restoration project sites provided assistance by the Abandoned Mine Reclamation Fund established by section 401 of the Surface Mining Control and Reclamation Act of 1977 (30 U.S.C. 1231) .

   Inserted: "(d) Authorization of Appropriations.--

   Inserted: "(1) In general.--There are authorized to be appropriated to carry out this section--

   Inserted: "(A) $100,000,000 for each of fiscal years 2009 and 2010;

   Inserted: "(B) $105,000,000 for fiscal year 2011;

   Inserted: "(C) $110,000,000 for fiscal year 2012;

   Inserted: "(D) $115,000,000 for fiscal year 2013; and

   Inserted: "(E) $120,000,000 for fiscal year 2014.

   Inserted: "(2) Availability of funds.--Funds made available for a fiscal year under paragraph (1)--

   Inserted: "(A) shall remain available until expended, but not later than September 30, 2014; and

   Inserted: "(B) may be reprogrammed, at the discretion of the Secretary, for expenditure for other demonstration projects under this title only after--

   Inserted: "(i) September 30, 2010; and

   Inserted: "(ii) the Secretary provides notice of the proposed reprogramming to the appropriate committees of Congress.".

   Original wording

   At the end of title X, add the following:

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As printed