Congressional Budget Office finds H.R. 4824 Carbon Sequestration Collaboration Act would cost US$31M from 2024‑2028; bill would require federal agencies to conduct research related to terrestrial carbon sequestration, such as on farmland, forestland

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September 26, 2023 (press release) –

Source: US Congressional Budget Office

H.R. 4824 would expand the research, development, and demonstration (RD&D) program on carbon dioxide sequestration within the Department of Energy (DOE). In particular, the bill would require DOE, in coordination with other federal agencies, to conduct RD&D activities related to terrestrial carbon sequestration, such as agricultural and forest land management. The bill also would require DOE to annually report to the Congress on the department’s plans for carbon sequestration research.

Based on information from DOE, the cost of similar activities, and the expected time to fully execute the requirements, CBO estimates that implementing H.R. 4824 would cost $1 million in 2024 and $31 million over the 2024‑2028 period. Spending would be subject to the availability of appropriated funds.

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