Carbon sequestration: state goals: natural and working lands: registry of projects.

Existing law establishes the State Air Resources Board as the state agency responsible for monitoring and regulating sources emitting greenhouse gases. Existing law, the California Global Warming Solutions Act of 2006, requires the state board to ensure that statewide greenhouse gas emissions are reduced to at least 40% below the 1990 level by 2030. The act requires the state board to prepare and approve a scoping plan for achieving the maximum technologically feasible and cost-effective reductions in greenhouse gas emissions. Existing law establishes the Natural Resources Agency, composed of departments, boards, conservancies, and commissions responsible for the restoration, protection, and management of the state's natural and cultural resources. Existing law requires the agency to update the state's climate adaptation strategy, known as the Safeguarding California Plan, every 3 years. This bill would require, no later than July 1, 2023, the Natural Resources Agency, in coordination with the California Environmental Protection Agency, the state board, the Department of Food and Agriculture, and other relevant state agencies, to establish the Natural and Working Lands Climate Smart Strategy and, in developing the strategy, to create a framework to advance the state's climate goals. The bill would require the state board, as part of its scoping plan, to establish specified carbon dioxide removal targets for 2030 and beyond. This bill would require, no later than July 1, 2023, the Natural Resources Agency to establish and maintain a registry for the purposes of identifying and listing projects in the state that drive climate action on the state's natural and working lands and are seeking funding from state agencies or private entities. The bill would authorize the agency, in collaboration with relevant state agencies, to create an application process for applicants to have their projects located in the state listed on the registry, as specified. The bill would require the agency to establish a mechanism for retiring the listing of a project from the registry once it is funded and tracking the outcome of the project to ensure it is completed. The bill would require project proponents to notify the agency when a project is completed and provide monitoring and reporting data for the duration of the contract terms of the project. The bill would require the agency to track carbon removal and greenhouse gas emission reduction benefits derived from projects funded through the registry. The bill would authorize the agency to contract with a third-party organization to develop and operate the registry.