The proposed bill seeks to enhance revenue generation and economic opportunities through natural climate solutions by amending various sections of the Revised Code of Washington (RCW) and introducing a new chapter focused on ecosystem services. It establishes key definitions such as "ecosystem service credit," "ecosystem service marketplace," and "ecosystem service project broker." The bill empowers the Department of Natural Resources to enter into contracts for ecosystem service projects on public lands, particularly in afforestation, reforestation, and aquatic initiatives, while ensuring respect for tribal rights and forest health planning. Proceeds from these contracts are to be deposited into the state treasury, and the department is tasked with reporting on project progress by December 1, 2026, with the section set to expire on June 30, 2027.

Additionally, the bill amends existing laws to incorporate ecosystem services into the definitions of valuable materials and outlines the conditions under which these services can be sold, ensuring compliance with the newly created chapter. It emphasizes the alignment of project funding with the Puget Sound partnership's action agenda and mandates the development of performance measures for grant management. The bill also requires consultation with affected interest groups during implementation, aiming to enhance natural resource management while promoting environmental sustainability and aligning ecosystem service sales with state interests.

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