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Subcommittee advances substitute letting state participate in carbon‑credit markets to fund restoration
Summary
House subcommittee reported a substitute to HB1152 that would enable state participation in carbon‑credit markets (including oyster and forestry credits) and direct proceeds toward restoration and rural incentives; the substitute passed 9–1.
The subcommittee voted to report, as substituted, House Bill 1152, a measure that would create a mechanism for the Commonwealth to participate in carbon‑credit markets and direct some proceeds toward restoration and natural‑resource work.
Delegate Telgett Hodges, the bill’s patron, said the proposal would allow the state to capture a portion of revenues from carbon credits generated by nature‑based projects such as oyster restoration and silviculture, then reinvest those funds into restoration and incentives for landowners. "Let's create a fund that, where the state would keep a portion of those credits… we can put it in the hardwoods… we can incentivize manufacturers… we can grow more oysters," Hodges said.
Supporters including the Chesapeake Bay Foundation and Virginia Interfaith Power and Light described the substitute as a novel way to direct private market activity toward state conservation goals. Jay Ford of the Chesapeake Bay Foundation said prior code enabled similar flows for subaquatic vegetation and recommended channeling credits and revenues into restoration work.
The subcommittee recorded a vote to report the substitute, which passed 9–1. Sponsors and supporters said they expect to refine technical language as the bill moves forward.
