The Geologic Carbon Dioxide Storage Stewardship Act establishes a regulatory framework for the geologic sequestration of carbon dioxide in New Mexico. The Act defines key terms such as "carbon dioxide," "geologic sequestration," "operator," and "sequestration facility," and outlines the authority of the oil conservation division to enforce its provisions. It applies to sequestration facilities that begin injecting carbon dioxide after the Act's effective date, while allowing existing facilities to apply for a certificate of completion and transfer stewardship responsibilities to the state. The Act also creates the "geologic carbon dioxide long-term storage stewardship fund," which will be funded by fees from operators and used for monitoring, remediation, and compliance activities related to geologic sequestration.

Additionally, the Act provides a process for operators to obtain a certificate of closure for their sequestration units, which signifies that the site has met specific security and monitoring criteria. Upon issuance of this certificate, all stewardship and legal responsibilities for the sequestration facility will transfer to the state, releasing the operator and associated parties from liability, unless certain conditions are met that would hold them accountable. The Act emphasizes the importance of long-term monitoring and management of sequestration facilities to ensure environmental safety and compliance with state and federal regulations.