The proposed bill aims to establish a Forest Carbon Registry in West Virginia, administered by the Division of Forestry, to track properties encumbered by carbon offset agreements and projects. It introduces new legal definitions, including "forest carbon offset agreement," "forest carbon offset project," and "GIS shapefile," among others. The registry will require the inclusion of detailed information such as property descriptions, GIS shapefiles, and contact information for involved parties. Developers and landowners are tasked with recording their carbon offset activities within 60 days of execution or initiation, with a deadline set for July 1, 2027, for existing agreements.

To ensure compliance, the bill imposes civil penalties for noncompliance, starting with a $2,500 fine for the first offense and escalating to a $5,000 fine for the second offense, with subsequent offenses leading to the permanent suspension of the responsible party's business license. The Division of Forestry is also empowered to enforce compliance through legal actions and will collect monetary penalties to support the registry's administration. Overall, the bill seeks to enhance transparency and accountability in managing West Virginia's forest carbon resources.

Statutes affected:
Introduced Version: 19-1D-1, 19-1D-2, 19-1D-3, 19-1D-4
Committee Substitute: 19-1D-1, 19-1D-2, 19-1D-3, 19-1D-4
Committee Substitute for the Committee Substitute: 19-1D-1, 19-1D-2, 19-1D-3, 19-1D-4