§1103. Carbon sequestration on surface or water bottom

            Any monetary compensation derived from the sequestration of carbon on the surface of land or water bottoms through biological processes, including but not limited to the growth of plants or animals or other natural or induced processes, is the property of the owner of the land or water bottom upon which such sequestration occurs, unless (a) contractually assigned to another party; or (b) the sequestration, uptake, or prevention of emission of greenhouse gases is directly related to the avoided conversion or avoided loss attributable to a project carried out or sponsored by the Coastal Protection and Restoration Authority or the Coastal Protection and Restoration Authority Board, including use of public resources as provided in R.S. 49:214.5.4. In such instance, the monetary compensation is the property of the state.

            Acts 2010, No. 193, §1; Acts 2016, No. 430, §1.