The proposed bill aims to establish a Forest Carbon Registry in West Virginia, administered by the Division of Forestry, to track properties involved in forest carbon offset agreements. It introduces new legal language defining key terms such as "forest carbon offset agreement," "forest carbon offset project," and "GIS shapefile." The registry will require the inclusion of detailed information about encumbered properties, including legal descriptions, GIS shapefiles, and contact information for landowners and developers. Additionally, the bill mandates that developers and landowners record their carbon offset activities within 120 days of project execution and outlines a deadline of July 1, 2027, for existing agreements to be filed with the county courthouse.

To ensure compliance, the bill imposes civil penalties for failure to record carbon offset projects, with fines escalating from $1,000 for the first offense to $2,000 for subsequent offenses. The penalties collected will support the administration of the registry. The Division of Forestry is also empowered to create legislative rules for the implementation and maintenance of the registry, including specifications for GIS shapefile submissions and the establishment of reasonable administrative fees. Overall, the bill seeks to enhance transparency and accountability in the management of forest carbon resources in West Virginia.

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