The Idaho Carbon Dioxide Storage Agreement is a legally binding contract established to facilitate the storage and sequestration of carbon dioxide (CO2) within the state of Idaho. This agreement is designed to regulate the capture, transportation, and injection of CO2 into underground storage locations, aiming to mitigate climate change and reduce greenhouse gas emissions. One significant type of Idaho Carbon Dioxide Storage Agreement is the Public-Private Partnership (PPP) agreement. In this arrangement, the state of Idaho collaborates with private entities, such as energy companies or research institutions, to establish storage sites and implement CO2 storage projects. These agreements often involve a sharing of responsibilities and costs between the public and private sectors. Another type of Idaho Carbon Dioxide Storage Agreement is the Research Collaboration Agreement. This type of agreement is typically entered into by academic institutions, research organizations, or government bodies to conduct scientific studies and pilot projects related to CO2 storage in Idaho. It aims to foster research and innovation in the field of carbon capture and storage (CCS). Furthermore, Idaho Carbon Dioxide Storage Agreements can also include Commercial Contracts. These agreements are formed between CO2 emitters or industrial companies and storage site operators to establish a commercial arrangement for the storage of CO2. The contracts outline terms such as CO2 capture rates, volumes, injection schedules, and pricing mechanisms for the storage services. The Idaho Carbon Dioxide Storage Agreement encompasses various key components. First, it defines the roles and responsibilities of the involved parties, including the state of Idaho, private entities, research institutions, and industrial clients. It establishes the regulatory framework and permits required for CO2 storage projects, ensuring compliance with environmental laws and regulations. Additionally, the agreement addresses the liability and risk management associated with CO2 storage, ensuring that all parties are protected from potential environmental or operational risks. It may also incorporate monitoring, reporting, and verification protocols to track the injected CO2, ensure storage integrity, and provide data for regulatory compliance and scientific research purposes. The Idaho Carbon Dioxide Storage Agreement may also govern the ownership and transfer of carbon credits or carbon offsets generated from the CO2 storage activities. It can outline the terms of use, reporting, and verification of these carbon assets, enabling the parties involved to access and trade carbon credits in compliance with relevant market mechanisms or climate policies. In summary, the Idaho Carbon Dioxide Storage Agreement serves as a comprehensive framework to regulate and promote the storage and sequestration of CO2 within the state. By facilitating collaboration between public and private entities, fostering research initiatives, and establishing commercial contracts, this agreement plays a crucial role in reducing emissions and addressing the challenges of climate change.
Idaho Carbon Dioxide Storage Agreement
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FAQ
Under American rule, the mineral estate holder owns the minerals but not the geologic formation. The surface owner owns the geologic pore space and has storage rights.
5-216. Action on written contract. Within five (5) years: An action upon any contract, obligation or liability founded upon an instrument in writing.
Alaska has important competitive advantages for the development of a CCUS industry. The State owns the pore space used for storage under State lands, which allows leasing of large contiguous storage sites.
(a) The ownership of all pore space in all strata below the surface lands and waters of this state is declared to be vested in the several owners of the surface above the strata.
In Texas and most states, pore space belongs to the surface owner, absent an explicit severance. Some states are passing statutes prohibiting the severance of pore space as a separate estate, thereby securing ownership in the surface owners.
Pore space ownership in the United States varies from state to state and can be owned by the State, by the U.S. government or private individuals. In other countries, subsurface rights are controlled entirely by the government.