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. It also amends existing laws to recognize ecosystem services as valuable materials that can be sold or leased, thereby expanding financial mechanisms for managing state lands.

Additionally, the bill allows for the transfer of funds from the aquatic lands enhancement account to the geoduck aquaculture research account for shellfish aquaculture research during specified fiscal biennia, and it permits fund transfers to the marine resources stewardship trust account. It outlines requirements for grant recipients of aquatic lands enhancement projects, emphasizing the incorporation of environmental benefits and the development of performance measures for grant management. The bill also stresses the need for coordination among natural resource-related agencies and mandates consultation with affected interest groups. Notably, it establishes sections 1 through 4 as a new chapter in Title 79 RCW, ensuring clarity in the implementation of these initiatives.

Statutes affected:
Original bill: 79.02.010, 79.64.110, 79.105.150