Carbon Exchange Program News Today

On Feb. 28, 2024, the West Virginia Senate passed Senate Bill 618, which would regulate forest carbon offset agreements at a Division of Forestry-estimated cost of millions to the state. The fate of Senate Bill 822, a bill aimed at restricting carbon offset agreements, was uncertain as of press time Wednesday.

Bills that would regulate and restrict carbon offset agreements, Senate Bill 618 and Senate Bill 822, are nearing passage in the West Virginia Senate. SB 618 would establish a Forest Management Exchange Program the state Division of Forestry estimates would cost $3.5 million to set up, plus another $500,000 per year to contract for operational support.

Under Senate Bill 618, approved by the West Virginia Senate Economic Development Committee on Feb. 19, 2024, only state carbon credits from real property or standing timber would be eligible for purchase, prompting criticism its anti-property rights legislation. Senate Bill 618 is the latest in a string of attempts in the state Legislature to regulate forest carbon offset agreements.