§ 16298e — Carbon Dioxide Removal Task Force And Report

(a) In this section, the term “carbon dioxide removal” means the capture of carbon dioxide directly from ambient air or, in dissolved form, from seawater, combined with the sequestration of that carbon dioxide, including through— (1) direct air capture and sequestration; (2) enhanced carbon mineralization; (3) bioenergy with carbon capture and sequestration; (4) forest restoration; (5) soil carbon management; and (6) direct ocean capture. (b) Not later than 180 days after December 27, 2020, the Secretary of Energy (in this section referred to as the “Secretary”), in consultation with the heads of any other relevant Federal agencies, shall prepare a report that— (1) estimates the magnitude of excess carbon dioxide in the atmosphere that will need to be removed by 2050 to achieve net-zero emissions and stabilize the climate; (2) inventories current and emerging approaches of carbon dioxide removal and evaluates the advantages and disadvantages of each of the approaches; and (3) identifies recommendations for legislation, funding, rules, revisions to rules, financing mechanisms, or other policy tools that the Federal Government can use to sufficiently advance the deployment of carbon dioxide removal projects in order to meet, in the aggregate, the magnitude of needed removals estimated under paragraph (1), including policy tools, such as— (A) grants; (B) loans or loan guarantees; (C) public-private partnerships; (D) direct procurement; (E) incentives, including subsidized Federal financing mechanisms available to project developers; (F) advance market commitments; (G) regulations; and (H) any other policy mechanism determined by the Secretary to be beneficial for advancing carbon dioxide removal methods and the deployment of carbon dioxide removal projects. (c) The Secretary shall— (1) submit the report prepared under subsection (b) to the Committee on Energy and Natural Resources of the Senate and the Committees on Energy and Commerce and Science, Space, and Technology of the House of Representatives; and (2) as soon as practicable after completion of the report, make the report publicly available. (1) Not later than 2 years after the date on which the Secretary publishes the report under subsection (c)(2), and every 2 years thereafter, the Secretary shall evaluate the findings and recommendations of the report, or the most recent updated report submitted under paragraph (2)(B), as applicable, taking into consideration any issues and recommendations identified by the task force established under subsection (e)(1). (2) After completing each evaluation under paragraph (1), the Secretary shall— (A) revise the report as necessary; and (B) if the Secretary revises the report under subparagraph (A), submit and publish the updated report in accordance with subsection (c). (1) Not later than 60 days after December 27, 2020, the Secretary shall establish a task force— (A) to identify barriers to advancement of carbon dioxide removal methods and the deployment of carbon dioxide removal projects; (B) to inventory existing or potential Federal legislation, rules, revisions to rules, financing mechanisms, or other policy tools that are capable of advancing carbon dioxide removal methods and the deployment of carbon dioxide removal projects; (C) to assist in preparing the report described in subsection (b) and any updates to the report under subsection (d); and (D) to advise the Secretary on matters pertaining to carbon dioxide removal. (2) The Secretary shall— (A) develop criteria for the selection of members to the task force established under paragraph (1); and (B) select members for the task force in accordance with the criteria developed under subparagraph (A). (3) The task force shall meet not less frequently than once each year. (4) Not later than 7 years after December 27, 2020, the Secretary shall— (A) reevaluate the need for the task force established under paragraph (1); and (B) submit to Congress a recommendation as to whether the task force should continue.