The state raises hundreds of millions of dollars each year through the sale of oil that when burned contributes to climate change. Now it's looking to also make money by preventing some of these gasses from entering the atmosphere. (via AlaskaBeacon)
Dunleavy said the bill he plans to introduce this coming session will be a starting point to figure out what carbon sequestration would look like in the state and explore things like how the state can contract with companies and other entities, what’s in the contract, and what lands, basins and coastlines could be involved.
“From our perspective at SEACC, the easiest way to increase carbon sequestration in Alaska is to protect the Tongass National Forest. That’s not necessarily up to Gov. Dunleavy, but seeing the governor think more broadly about ways to protect forested areas over which the state does have influence would be critical, although we think it’s equally as important that the governor not seek to remove land from federal holdings in the process of doing so,” Trainor said.
No revenue from carbon sequestration is included in the proposed budget, but a target for potential new revenue is included in Dunleavy’s. It imagines $300 million in fiscal year 2024, $500 million the next year, increasing to $750 million the year after, and leveling out at $900 million in subsequent years – revenue that would help balance out what is needed to keep the state functioning.
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Dunleavy offers $7.3 billion Alaska budget, opening negotiations with wary legislators“Next week, we could be up another 17%, 20% in oil prices and revenue, depending on the chaotic conditions in the world. We could be down 20%. So this, again, is a beginning budget and we look forward to the discussions,” Dunleavy said. From AlaskaBeacon
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