Illinois Subsurface Underground Carbon Dioxide (CO2) Storage Lease and Agreement (with Landowner, Long Form) is a legal document that outlines the terms and conditions for the leasing and storage of carbon dioxide in underground subsurface formations in the state of Illinois. This agreement establishes an understanding between a landowner and a lessee (typically, a carbon capture and storage project developer or operator) regarding the rights, obligations, and compensation related to the sequestration of CO2 on the landowner's property. Some relevant keywords that may be included in the detailed description are as follows: 1. Carbon Dioxide (CO2) Sequestration: This refers to the process of capturing and storing CO2 emissions from industrial sources, power plants, or other facilities deep underground to mitigate greenhouse gas emissions and combat climate change. 2. Subsurface Storage: It pertains to the storage of CO2 in underground formations such as depleted oil and gas reservoirs, saline aquifers, or coal seams, where CO2 can be securely trapped and stored for an extended period. 3. Landowner: The individual or entity that owns or has legal rights to the property where the CO2 storage operation will take place. 4. Lessee: The party who enters into the agreement with the landowner to lease the subsurface rights for CO2 storage purposes. They could be a private company, research institution, government agency, or consortium. 5. Long Form Agreement: This term signifies that the lease and agreement between the landowner and the lessee are more comprehensive and detailed, covering a wide range of legal, technical, and financial aspects associated with the CO2 storage operation. Different types of Illinois Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) can vary based on factors such as the duration of the lease, compensation mechanisms, liability provisions, monitoring requirements, and termination conditions. The specific categorization of these agreements is not known without specific details of the agreement in question.
Illinois Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form)
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The Carbon Capture and Utilization Parity Act of 2023 would increase the tax credit for carbon capture and utilization to match the incentives for carbon capture and sequestration for both direct air capture and the power and industrial sectors.
Creates the Underground Carbon Dioxide Storage Act. Provides that the Act applies to the underground storage of carbon dioxide but does not apply to extractable mineral resources, and the rights and requirements of the Act are subordinate to the rights pertaining to oil, gas, and coal resources.