The proposed bill seeks to enhance revenue generation and economic opportunities in Washington State through natural climate solutions and ecosystem services. It grants the Department of Natural Resources the authority to engage in carbon offset projects and other ecosystem service initiatives on state-managed lands and waters. The bill emphasizes diversifying revenue streams, particularly through carbon markets, and aims to align state practices with those of private landowners already participating in these markets. Key provisions include authorizing the department to enter contracts for ecosystem service projects lasting up to 125 years and the ability to sell ecosystem service credits in compliance with established marketplaces.

Additionally, the bill allows for the transfer of funds from the aquatic lands enhancement account to support shellfish aquaculture research and outlines requirements for grant recipients of aquatic lands enhancement projects. It emphasizes the need for coordination with other natural resource agencies and mandates consultation with affected interest groups during implementation. Projects aimed at restoring Puget Sound can only be funded if they align with the action agenda developed by the Puget Sound partnership. The bill also introduces a new chapter in Title 79 RCW, establishing sections 1 through 4 to incorporate these provisions into existing law.

Statutes affected:
Original bill: 79.02.010, 79.64.110, 79.105.150