Committee advances bill to bar Wyoming-based "natural asset" companies from selling credits on national exchanges

The Agriculture, State & Public Lands & Water Resources Committee advanced House Bill 93, the Protect Wyoming Lands Act, a measure that would prohibit "natural asset companies" holding conservation interests entirely within Wyoming from selling ecosystem-service credits through a national securities exchange.

Under the bill’s definitions, a "natural asset company" is an entity that holds a conservation interest in a defined land area in Wyoming and manages that area for conservation, restoration or sustainable management. The bill would make it unlawful for such a company, when the defined land area is entirely within Wyoming, to sell credits on a national securities exchange registered under 15 U.S.C. § 78f; companies holding land outside Wyoming would not be prohibited from selling credits from those lands on national exchanges.

Karen Clark, representing the Wyoming Farm Bureau Federation, testified the organization supports the bill and described it as protecting private property and local stewardship. "We oppose the monetization of ecosystem services," Clark said, arguing that landowners are best stewards of their property and that outside third-party financing could lead to outside control of land use.

The committee discussion and public comment framed the bill as an effort to ensure owners retain control of private land and to prevent third-party monetization of conservation credits across national exchanges. The bill text cites applicability to natural asset companies with conservation interests entirely within Wyoming and states the act would be effective immediately upon completion of all acts required for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

On the motion to advance, the committee recorded ayes from Senator Eyde, Senator McEwen, Senator Pearson and Chairman French; the clerk reported "four ayes" and left an excused senator’s vote open. The bill’s definitions and the exception allowing sales of credits from land held outside Wyoming were emphasized repeatedly in public comment and committee discussion.