Forest Management 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.

A bill that would tax and restrict carbon offset agreements did not advance out of the West Virginia Senate on the final day for most bills to pass out of their house of origin in the 2024 regular legislative session Wednesday, all but assuring its demise. That bill, Senate Bill 822, didnt advance after two Democrats criticized it on the Senate floor 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.