Expanding revenue generation and economic opportunities from natural climate solutions and ecosystem services.
The bill authorizes the Department of Natural Resources to generate revenue by entering into contracts for ecosystem service projects on state lands and waters. These projects include carbon offset projects, kelp and eelgrass conservation, and other ecosystem services that benefit humans and enhance social welfare. The department can enter into contracts with third-party developers or brokers, sell credits on established marketplaces, and set minimum payments for ecosystem services.
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