The bill seeks to enhance revenue generation and economic opportunities through natural climate solutions and ecosystem services by amending existing laws and introducing new provisions. It defines key terms such as "ecosystem service credit," "ecosystem service marketplace," and "ecosystem service project broker," and authorizes the Department of Natural Resources to enter into contracts for ecosystem service projects on public lands, focusing on afforestation, reforestation, and aquatic projects. These contracts can last up to 125 years and must align with existing policies, support workforce development, and respect tribal rights. The bill also mandates a report by December 1, 2024, detailing project types, acreage, and projected revenues, while identifying implementation challenges.

Additionally, the bill amends laws regarding grants for aquatic lands enhancement projects and the sale of valuable materials on state lands. It requires grant applicants to include environmental benefits in their proposals and consider partnerships and community recognition in the selection process. The bill introduces new legal language that limits the sale of ecosystem services to conditions outlined in a new chapter of the RCW, and stipulates that valuable materials from university lands can only be sold with the consent of the University of Washington's board of regents or through a legislative directive. The Department is tasked with appraising the value of materials before sale, ensuring they are not sold for less than their appraised value, and establishes a new chapter in Title 79 RCW to encompass these changes.

Statutes affected:
Original Bill: 79.02.010, 79.105.150
Substitute Bill: 79.02.010, 79.105.150
Engrossed Substitute: 70A.65.170, 79.105.150, 90.71.310