SB 783

            
2020 SESSION


20107667D

SENATE BILL NO. 783

AMENDMENT IN THE NATURE OF A SUBSTITUTE

(Proposed by the Senate Committee on Agriculture, Conservation and
Natural Resources

on February 4, 2020)

(Patron Prior to Substitute--Senator Lewis)

A BILL to amend the Code of Virginia by adding a section
numbered 10.1-1186.6, relating to Department of Environmental Quality; carbon
market participation.

Be it enacted by the General Assembly of Virginia: 

1. That the Code of Virginia is amended by adding a section
numbered 10.1-1186.6 as follows: 

� 10.1-1186.6. Carbon market participation; submerged
aquatic vegetation.

The Department may participate in any carbon market for
which submerged aquatic vegetation restoration qualifies as an activity that generates
carbon offset credits. Any revenue resulting from the sale of such credits
shall be used to implement additional submerged aquatic vegetation monitoring
and research or to cover any administrative costs of participation in the
credit market. The Department may enter into agreements necessary to effect
such participation, including with private entities for assistance with
registration and sale of offset credits. The Department shall hold exclusive
title to such credits until sold.