; and (ii) any patent on an invention described in clause (i). (D) Secretary The term Secretary means the Secretary of Energy or designee, in consultation with the Board. (2) Authority Not later than 1 year after the date of enactment of this subsection, as part of the program carried out under this section, the Secretary shall establish and award competitive technology financial awards for carbon dioxide capture from media in which the concentration of carbon dioxide is dilute. (3) Duties In carrying out this subsection, the Secretary shall— (A) subject to paragraph (4), develop specific requirements for— (i) the competition process; (ii) minimum performance standards for qualifying projects; and (iii) monitoring and verification procedures for approved projects; (B) establish minimum levels for the capture of carbon dioxide from a dilute medium that are required to be achieved to qualify for a financial award described in subparagraph (C); (C) offer financial awards for— (i) a design for a promising capture technology; (ii) a successful bench-scale demonstration of a capture technology; (iii) a design for a technology described in clause (i) that will— (I) be operated on a demonstration scale; and (II) achieve significant reduction in the level of carbon dioxide; and (iv) an operational capture technology on a commercial scale that meets the minimum levels described in subparagraph (B); and (D) submit to Congress— (i) an annual report that describes the progress made by the Board and recipients of financial awards under this subsection in achieving the demonstration goals established under subparagraph (C); and (ii) not later than 1 year after the date of enactment of this subsection, a report on the adequacy of authorized funding levels in this subsection. (4) Public participation In carrying out paragraph (3)(A), the Board shall— (A) provide notice of and, for a period of at least 60 days, an opportunity for public comment on, any draft or proposed version of the requirements described in paragraph (3)(A)