Requires the Secretary of Energy, after accepting title to or transfer of a site closed for such a project, to monitor such site and conduct any remediation activities to ensure the site's geological integrity and prevent any endangerment of public health or safety.
(Sec. 3) Directs the Secretary to provide grants for employee training purposes to state and tribal agencies involved in permitting, management, inspection, and oversight of carbon capture, transportation, and storage projects.
Amends the Energy Independence and Security Act of 2007 to repeal provisions requiring the Secretary to establish a university based research and development grant program to study carbon capture and sequestration using various types of coal.
(Sec. 4) Requires the Secretary to assess and report on the existing federal programs supporting technology that prevents the emission of, captures, transports, permanently stores or sequesters, or puts to beneficial use carbon dioxide, and requires the Comptroller General to review such report, annually until such technology is available to the commercial marketplace.
Requires the President to include in the FY2013 budget request of the Secretary for the Fossil Energy Program a report that: (1) assesses the Secretary's progress in implementing the Comptroller General's recommendations for improving the likelihood of achieving technological advancements to mitigate carbon dioxide emissions or to expedite the availability of carbon capture and sequestration technology for the commercial marketplace, (2) compares the estimated costs of completing implementation of those recommendations to the requested budget levels, and (3) assesses progress made during the preceding fiscal year toward achieving Program goals.