SB 783

Abstract

Department of Environmental Quality; carbon market participation. Authorizes the Department of Environmental Quality to participate in any carbon market for which submerged aquatic vegetation restoration qualifies as an activity that generates carbon offset credits and to enter into agreements necessary to effect such participation, including with private entities for assistance with registration and sale of offset credits. The bill requires any revenue resulting from the sale of such credits to be used to implement additional submerged aquatic vegetation monitoring, restoration, and research or to cover any administrative costs of participation in the credit market. The bill also requires the Department to hold exclusive title to credits until sold.

Marine Resources Commission; carbon market participation.Authorizes the Marine Resources Commission to participate inany carbon market for which submerged aquatic vegetation restorationqualifies as an activity that generates carbon offset credits andto enter into agreements necessary to effect such participation,including with private entities for assistance with registration and sale of offset credits. The bill requires any revenue resultingfrom the sale of such credits to be used to implement additionalsubmerged aquatic vegetation monitoring, restoration, and researchor to cover any administrative costs of participation in the creditmarket. The bill also requires the Commission to hold exclusive titleto credits until sold.