Z-0500.2
SENATE BILL 5999
State of Washington
69th Legislature
2026 Regular Session
By Senators Lovelett, Shewmake, Nobles, Orwall, Pedersen, Saldaña, Salomon, Wellman, and C. Wilson; by request of Department of Natural Resources
Prefiled 01/06/26. Read first time 01/12/26. Referred to Committee on Agriculture & Natural Resources.
AN ACT Relating to expanding revenue generation and economic opportunities from natural climate solutions and ecosystem services; amending RCW 79.02.010 , 79.64.110 , and 79.105.150 ; reenacting and amending RCW 79.22.050 ; and adding a new chapter to Title 79 RCW.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. (1) The legislature finds it is in the best interest of the trust beneficiaries and the state to increase revenue opportunities, diversify the trust asset portfolio, and reduce costs. As new markets emerge, the department should be enabled to take full advantage of opportunities to diversify and grow revenue streams for beneficiaries and the state.
(2) The legislature finds that the trust land performance assessment, completed pursuant to section 7015, chapter 298, Laws of 2018, recommends exploring opportunities to diversify funding streams for revenue generation, including utilizing carbon markets, as well as other ways to monetize ecosystem services for the beneficiaries and the state. The legislature further finds that the climate commitment act, which established a cap and invest program under chapter 70A.65 RCW, makes Washington state a leader in climate policy and, through the codification of carbon offset projects, creates a new way for revenue to be generated from lands and waters in the state. The legislature intends that the carbon offset projects established for this program benefit the people of Washington by being located on Washington lands and waters to the extent possible, rather than outside the state.