CA SB1323

Requires the Natural Resources Agency, in coordination with the California Environmental Protection Agency, State Air Resources Board, and Department of Food and Agriculture, to establish carbon sequestration goals for natural and working lands by July 1, 2021.

Requires the State Air Resources Board to include carbon dioxide removal targets for 2030 and beyond in its scoping plan, considering targets aligned with the IPCC's 1.5 degrees Celsius report and emerging research on California's carbon removal potential.

Establishes the California Carbon Sequestration and Climate Resiliency Project Registry, to be maintained by the Office of Planning and Research beginning January 1, 2021, to identify and list carbon removal projects seeking funding from state or private entities.

Requires the Office of Planning and Research to create an application process by July 1, 2021, for projects to be listed on the registry if they achieve long-term carbon sequestration benefits, include monitoring and reporting, and improve state climate resilience.

Requires project proponents to notify the office upon project completion and provide annual monitoring data for the duration of contract terms; prohibits registry projects from creating credits for market-based compliance mechanisms or offsetting statutory emissions reduction obligations.