Washington’s Department of Natural Resources (DNR) has proposed to take part in carbon-credit markets to address climate change-related emissions. The DNR believes that these markets offer a financial incentive for landowners and other stakeholders to invest in carbon-reduction activities.
Carbon-credit markets are designed to allow the trading of rights to emit carbon dioxide and other greenhouse gases. The market establishes a price for carbon which is then used to incentivize investments in carbon-reduction activities.
The DNR’s proposal is to use the proceeds from the sale of carbon credits to fund projects that reduce emissions or sequester carbon. These projects could include reforestation, conservation tillage, and wetland restoration. The DNR would also develop a monitoring and verification system to ensure accurate tracking of credits.
The DNR estimates that these carbon-credit markets could generate over $50 million in revenue annually to fund projects throughout the state. This would provide a financial boost to landowners and other stakeholders that invest in carbon-reduction activities.
The DNR’s proposal is part of a larger effort to reduce emissions in Washington state and comply with the Paris Agreement. The DNR believes that these carbon-credit markets could be an effective way to reduce emissions and provide financial incentives for those that invest in carbon-reduction activities.