Executive Summary
The global challenge of climate change requires a portfolio of solutions, and soil carbon storage has a crucial role in this portfolio. Existing approaches to soil carbon transactions have restrictions preventing a deep, robust market from developing. We are creating the Texas Carbon Market, paying landowners for removing carbon dioxide (CO2) from the atmosphere and storing it as soil organic matter, bringing significant soil health and ecosystem restoration benefits to grasslands. This Texan approach integrates three elements: (1) a non-profit, soil carbon storage certification entity known as BCarbon (2), scholars engaged in economics, policy and soil science research at Rice University, and (3) an extensive, diverse group of stakeholders comprised of landowners, corporations, policymakers and non-profits. Our solution, reduced atmospheric CO2 through improved soils, has positive impacts on agricultural and industrial sectors, provides billions of dollars to rural communities while triggering the largest grassland conservation program in US history.
Lead Organization
Rice University’s Baker Institute for Public Policy
website: https://www.bakerinstitute.org/Charity, fund, non-governmental organization, religious institution, school, or other entity
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Accomplishments
The TCM Team developed “S.C.O.P.E. - Soil Carbon Optimal Pricing Evaluation” Tool (SCOPE), a Carbon Capture Utilization and Sequestration (CCUS) data-visualization, evaluation and mapping tool currently in the research and prototype stage. The working prototype, mapping tool visualizes the energy and CCUS infrastructure, illustrating opportunities for establishing scalable engineered and nature-based CO2 sequestration pathways using GIS data for the State of Texas. We launched and demonstrated this mapping tool and received positive feedback from the Baker Soil Carbon stakeholder working group. https://www.bakerinstitute.org/texas-ccus/
The CCUS research study supported by the prototype SCOPE mapping tool, helped inform the Texas Legislature in the development of TX House Bill 1284. TX House Bill 1284 was signed into law on June 2021, granting Texas Railroad Commission sole jurisdiction over Class VI Injection Wells and CCUS activities within the state.
