vided out of the fund established under sub-
section (h) for the eligible project based on the 
terms of the multi-year agreement of such eligi-
ble project 
(B) PRIVATE
PARTNERS.—The Secretary 
is encouraged— 
(i) to include private sector partners 
as supporters of eligible projects; and 
(ii) to facilitate the security of finan-
cial commitments from private contribu-
tions, which shall be counted toward the 
requirement under subparagraph (A) for 
an eligible project. 
(6) PARTNERSHIPS WITH MULTILATERAL PRO-
GRAMS.—The Secretary may partner with multilat-
eral or multi-donor programs to jointly support an 
eligible project under this subsection. 
(7) DOUBLE COUNTING OF ASSISTANCE.—The 
Secretary shall take such steps as may be nec-
essary— 
(A) to prevent the double counting of, or 
double payment for, results from eligible 
projects that also may receive funds from other 
sources, including in accordance with relevant 
international guidelines and rules; and 
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(B) to ensure that the assistance provided 
under this section and eligible projects are 
interoperable and do not supplant or compete 
with the achievement of country-level commit-
ments under international agreements. 
(f) MULTI-YEAR
AGREEMENTS
GOVERNING
THE 
PROVISION OF OUTCOME-ORIENTED ASSISTANCE.— 
(1) IN GENERAL.—Upon determining that an 
eligible project qualifies for outcome-oriented assist-
ance, the Secretary is authorized to enter into a 
multi-year agreement with a partner developing 
country, or appropriate local partners in the partner 
developing country, to determine the terms and con-
ditions for which the provision of outcome-oriented 
assistance, in the form of grants from the fund es-
tablished in subsection (h), may be administered to 
support an eligible project. 
(2) PRIORITIZATION.—The Secretary is encour-
aged to prioritize consideration of entering multi- 
year agreements for eligible projects that would di-
rectly or indirectly combat illegal deforestation or 
counter malicious influence from a country of con-
cern in a partner developing country. 
(3) THIRD-PARTY LEVERAGE OF FUNDS.—The 
Secretary is encouraged to prioritize entering multi- 
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year agreements for eligible projects that include 
terms that leverage funding from non-profits, busi-
nesses, other developed countries, and multilateral 
financing and development agencies. 
(4) ADDITIONAL ECONOMIC ACTIVITIES WITHIN 
AN
ELIGIBLE
PROJECT.—Multi-year agreements 
shall— 
(A) permit economic activities within the 
area of an eligible project; and 
(B) seek assurances that the conduct of 
such economic activities does not degrade the 
effectiveness of an eligible project in accordance 
with the goals described in subsection (d). 
(5) TERMS.—In negotiating multi-year agree-
ments under this subsection, the Secretary shall do 
the following: 
(A) RECIPROCAL COMMITMENT.—The Sec-
retary shall take steps to ensure that the part-
ner developing country or appropriate local 
partners in the partner developing country, as 
applicable, reciprocate the commitments to 
achieving the goals described in subsection (d). 
(B) DURATION OF AGREEMENT.—The Sec-
retary— 
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(i) shall negotiate and reach a mutu-
ally agreed upon term-length for each 
multi-year agreement; 
(ii) may renegotiate and re-enter a 
multi-year agreement prior to or after the 
terms and dates of the multi-year agree-
ment expire; and 
(iii) shall seek assurances that the 
agreed upon goals and objectives for en-
hancing 
terrestrial 
ecosystem 
services 
achieved through the relevant eligible 
project will last in perpetuity. 
(C) RIGHT TO TITLE.—The Secretary may 
negotiate for the United States to own and con-
trol title to the greenhouse gas emission reduc-
tions associated with the activities of an eligible 
project for the purposes of counting such reduc-
tions toward the international emission reduc-
tion commitments of the United States. 
(6) TERMINATION.—An agreement under this 
subsection may be unilaterally terminated by the 
Secretary if— 
(A) the Secretary determines that the part-
ner developing country or a appropriate local 
partner is failing or has failed to uphold the 
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terms and conditions established for the eligible 
project; or 
(B) the Secretary— 
(i) determines that the eligible project 
is not in the national interest of the United 
States; and 
(ii) submits to Congress a notification 
of such determination. 
(g) REVIEWS AND REPORTS.— 
(1) PERIODIC REVIEWS.—The Secretary shall 
periodically review and evaluate the progress of eligi-
ble projects— 
(A) to ensure that eligible projects are pro-
ceeding successfully and appropriately main-
tained; 
(B) 
to 
account 
for 
and 
adapt 
to 
externalities that could prevent an eligible 
project from meeting its objectives; and 
(C) to advise proponents of an eligible 
projects in planning and executing the eligible 
project in accordance with this Act. 
(2) TRANSPARENCY.—The Secretary shall— 
(A) make publicly available a list of funds 
made available under the Program; and 
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(B) update on an annual basis the 
progress or any lack of progress in the imple-
mentation of the eligible projects corresponding 
to such funds and the achievement of the goals 
described in subsection (d). 
(3) PUBLISHED CERTIFICATION OF PARTNER-
SHIP.—The Secretary shall annually publish and 
provide certificates of contribution to private donors 
that contribute funds that support eligible projects 
detailed in multi-year agreements that include— 
(A) the amount of funds the private donor 
contributed to the eligible project for each cal-
endar year that funds were provided; 
(B) the location of the eligible project in-
cluding country and region; 
(C) the partner developing country or ap-
propriate local partner that is signatory to the 
multi-year agreement for which the private 
donor is contributing funds for work on an eli-
gible project; and 
(D) a summary of the environmental im-
pact of the eligible project including— 
(i) the size in acres of terrestrial eco-
systems that are being protected or re-
stored; 
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(ii) the significance of such protected 
or restored terrestrial ecosystems; and 
(iii) the verified amount of carbon se-
questered by the supported project. 
(h) DUPLICATION OF EFFORTS.—In carrying out the 
program under this section, the Secretary shall consult as 
appropriate with the Administrator of the United States 
Agency for International Development to avoid duplicative 
foreign aid efforts, particularly for conservation funds. 
(i) TRUST FUND.—There is established in the Treas-
ury of the United States a fund to be known as the 
‘‘Verified International Terrestrial Ecosystem Services 
Conservation Fund’’, which shall consist of— 
(1) amounts appropriated pursuant to the au-
thorization in subsection (j)(1) to carry out this sec-
tion; and 
(2) such gifts, bequests, or devises of property 
for the benefit of, or in connection with carrying out 
this section as the Secretary may accept in the form 
of donations by individuals or entities, including pri-
vate entities, non-profit entities, other developed 
countries, and multinational entities. 
(j) AUTHORIZATION OF APPROPRIATIONS.— 
(1) AUTHORIZATION.—There is authorized to 
be appropriated to carry out this section— 
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(A) $875,000,000 for fiscal year 2024; 
(B) $875,000,000 for fiscal year 2025; 
(C) $875,000,000 for fiscal year 2026; and 
(D) $875,000,000 for fiscal year 2027. 
(2) AVAILABILITY.—Amounts appropriated to 
carry out this section are authorized to remain avail-
able until expended and shall be used solely for the 
purposes of this section. 
(3) SALARIES AND EXPENSES.—Of the amounts 
made available for any fiscal year pursuant to the 
authorization under paragraph (1), not more than 
$4,000,000 is authorized to be made available for 
the salaries and expenses to carry out this section. 
(k) NATURAL FOREST REFERENCE BASELINE FOR 
ELIGIBLE PROJECTS.— 
(1) PROPOSALS
FOR
NATURAL
FOREST
REF-
ERENCE BASELINE.— 
(A) IN GENERAL.—To receive outcome-ori-
ented assistance under this section for an eligi-
ble project qualified to receive outcome-oriented 
assistance pursuant to subsection (e), a partner 
developing country or appropriate local partner 
shall submit to the Secretary a proposal for a 
forest reference level baseline that is credible, 
transparent, accurate, and conservatively evalu-
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ates and establishes a forest reference level 
baseline of an eligible project in accordance 
with the criteria established by the Secretary 
under paragraph (2). 
(B) DETERMINATION BY SECRETARY.— 
(i) IN GENERAL.—After receipt of a 
proposal under subparagraph (A), the Sec-
retary shall determine whether the forest 
reference level baseline meets the criteria 
under paragraph (2). 
(ii) PROVISION
OF
OUTCOME-ORI-
ENTED
ASSISTANCE
APPROVED
FOREST 
REFERENCE
LEVEL
BASELINE.—If the 
Secretary determines under clause (i) that 
the proposed forest reference level baseline 
meets the criteria under paragraph (2), the 
Secretary may provide outcome-oriented 
assistance for such eligible project to the 
developing country or appropriate local 
partner in accordance with this section. 
(iii) FAILURE TO MEET CRITERIA.— 
(I) IN
GENERAL.—If the Sec-
retary determines under clause (i) 
that the proposed forest reference 
level baseline does not meet the cri-
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teria under paragraph (2), the Sec-
retary may negotiate with the partner 
developing country or appropriate 
local partner to reach an agreement 
on a forest reference level baseline for 
the eligible project in accordance with 
paragraph (2). 
(II) PROVISION
OF
OUTCOME- 
ORIENTED ASSISTANCE FOR AGREED 
FOREST
REFERENCE
LEVEL
BASE-
LINE.—Once an agreement has been 
reached under subclause (I), the Sec-
retary may provide outcome-oriented 
assistance for the eligible project to 
the developing country or appropriate 
local partner in accordance with this 
section. 
(2) BASELINE CRITERIA.—The Secretary shall 
establish criteria for each forest reference level base-
line proposed, which shall include requirements that 
the forest reference level baseline— 
(A) is used to account for the net size of 
forested lands or significant naturally vegetated 
lands achieved from the eligible project; 
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(B) is national, or subnational on an in-
terim basis, in scope; 
(C) is consistent with the environmental 
stewardship commitments, targets, or actions 
that are appropriate for the partner developing 
country with respect to combatting deforest-
ation or loss of terrestrial ecosystem services— 
(i) taking into consideration the aver-
age annual historical emissions and remov-
als associated with the forests, and other 
terrestrial ecosystems, as applicable, of the 
partner developing country during a period 
of at least 5 years; and 
(ii) if appropriate, using the relevant 
2006 IPCC Guidelines for National Green-
house Gas Inventories published by the 
Intergovernmental 
Panel 
on 
Climate 
Change to determine applicable drivers of 
deforestation and land use conversion; 
(D) establishes a trajectory that would re-
sult in zero net deforestation by not later than 
10 years after the date on which the baseline is 
established; 
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