The legislature finds that some private sector companies that generate carbon dioxide emissions or manufacture products that emit carbon dioxide, have begun purchasing carbon credits from landowners and other companies that have invested in energy efficiency retrofits. The companies that are purchasing these credits recognize that the development of a market or trading program for these credits would be beneficial.
Forests are one of the most effective long-term resources able to absorb carbon dioxide.
Because Washington contains some of the most productive forests worldwide, nonindustrial private forest landowners could greatly benefit from the establishment of a formally recognized carbon storage trading program. Marketing forest land for carbon storage could provide additional revenue to nonindustrial forest landowners and this could act as an incentive to maintain the land base in long-term forest production. Therefore, it is essential that the state develop a carbon sequestration program to allow the market-based trading of carbon emissions within and across national and international jurisdictions. A committee to develop a Washington state carbon sequestration implementation and certification plan is created. Staff support for the committee shall be provided by the office of program research in the house of representatives and by senate committee services.