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" and "ecosystem service marketplace," while designating roles for "ecosystem service project broker" and "ecosystem service project developer." 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, ensuring alignment with existing policies and respect for tribal rights.

Furthermore, the bill outlines the conditions for selling ecosystem service credits and mandates that proceeds be deposited into the state treasury. It requires the department to report on project outcomes and revenues by December 1, 2026, and includes provisions for managing funds from ecosystem services. The legislation amends existing laws to incorporate ecosystem services into the definitions of valuable materials and emphasizes the need for project funding to align with the Puget Sound partnership's action agenda. Additionally, it mandates the development of performance measures for grant management, promoting coordination with other natural resource agencies and consultation with affected interest groups during implementation.

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