SB 49 - Carbon Capture, Utilization, and Storage Act

• Establishes a comprehensive regulatory framework for geologic storage of carbon dioxide in Alaska, including exploration licensing, leasing, and permitting requirements for storage facilities.

• Creates the Alaska Oil and Gas Conservation Commission's jurisdiction over Class VI injection wells and carbon storage activities, with authority to prevent waste, protect correlative rights, and ensure public safety.

• Establishes a carbon storage closure trust fund (AS 37.14.850) to hold payments from operators and fund post-closure maintenance and monitoring of storage facilities.

• Authorizes the state to issue 5-year carbon storage exploration licenses (minimum $20/acre annual fee) and carbon storage leases (minimum $20/acre annual rent plus $2.50/ton injection charge) on state land.

• Requires storage operators to obtain permits from the Alaska Oil and Gas Conservation Commission, post bonds, establish monitoring protocols, and after 10+ years of injection closure, transfer title of stored carbon dioxide and facilities to the state Department of Natural Resources.