Texas Carbon Market: The Key to Environment, Economy and Resilience

Lone Star Prize
Finalist
Rice University’s Baker Institute for Public Policy

Rice University’s Baker Institute Center for Energy Studies will transform the environment by implementing a soil carbon storage market--growing new economic opportunities, soil health and ecosystem restoration benefits for Texans.

Last Updated: September 2024
Competition Participation
Lone Star Prize
Lone Star Prize
Subject
Climate Change & Environment
  • United Kingdom of Great Britain and Northern Ireland
  • Colorado, United States of America
  • Louisiana, United States of America
  • Texas, United States of America
  • United Kingdom of Great Britain and Northern Ireland
  • New Mexico, United States of America
  • North Dakota, United States of America
  • Texas, United States of America
  • Vermont, United States of America
  • Economically disadvantaged people
  • Farmers
  • Indigenous peoples
  • 8. Decent work and economic growth
  • 12. Responsible consumption and production
  • 13. Climate action

Executive Summary

The global challenge of climate change requires a portfolio of solutions, and soil carbon storage has a crucial role in this portfolio. Existing approaches to soil carbon transactions have restrictions preventing a deep, robust market from developing. We are creating the Texas Carbon Market, paying landowners for removing carbon dioxide (CO2) from the atmosphere and storing it as soil organic matter, bringing significant soil health and ecosystem restoration benefits to grasslands. This Texan approach integrates three elements: (1) a non-profit, soil carbon storage certification entity known as BCarbon (2), scholars engaged in economics, policy and soil science research at Rice University, and (3) an extensive, diverse group of stakeholders comprised of landowners, corporations, policymakers and non-profits. Our solution, reduced atmospheric CO2 through improved soils, has positive impacts on agricultural and industrial sectors, provides billions of dollars to rural communities while triggering the largest grassland conservation program in US history.

Organization Details
Lead Organization

Rice University’s Baker Institute for Public Policy

website: https://www.bakerinstitute.org/
Organization Headquarters
Texas, United States of America
Organization ID
74-1109620
Number of Full-time Employees
101 to 300
Annual Operating Budget
$10.1 to 25 Million
Type
Nonprofit

Charity, fund, non-governmental organization, religious institution, school, or other entity

Organizations may provide budget and employee data based on this proposal or the organization as a whole. For more information on this proposal or organization, please email us.

Accomplishments

The TCM Team developed “S.C.O.P.E. - Soil Carbon Optimal Pricing Evaluation” Tool (SCOPE), a Carbon Capture Utilization and Sequestration (CCUS) data-visualization, evaluation and mapping tool currently in the research and prototype stage. The working prototype, mapping tool visualizes the energy and CCUS infrastructure, illustrating opportunities for establishing scalable engineered and nature-based CO2 sequestration pathways using GIS data for the State of Texas. We launched and demonstrated this mapping tool and received positive feedback from the Baker Soil Carbon stakeholder working group. https://www.bakerinstitute.org/texas-ccus/

The CCUS research study supported by the prototype SCOPE mapping tool, helped inform the Texas Legislature in the development of TX House Bill 1284. TX House Bill 1284 was signed into law on June 2021, granting Texas Railroad Commission sole jurisdiction over Class VI Injection Wells and CCUS activities within the state.

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