Drafter
Clerk 08/22/24
title
A MOTION approving a forest carbon credit approval report in accordance with K.C.C. chapter 18.35.
body
WHEREAS, in May 2019, the executive launched a pilot forest carbon program, which involves voluntary payments to King County for carbon credits generated by preserving forests so they can continue to store carbon, and
WHEREAS, in October 2023, Ordinance 19671 related to the establishment and administration of the forest carbon program was enacted, which established new chapter in the King County Code, K.C.C. chapter 18.35, and
WHEREAS, King County acquired lands and created a forest carbon project through which 47,802 Verified Emissions Reductions Credits are being verified starting in June 2024 from the King County Rural Forest Carbon Project, which is also known as Verified Carbon Standard Project 1911, and
WHEREAS, King County desires to sell the 47,802 verified credits to generate revenue for additional forest conservation, and
WHEREAS, K.C.C. chapter 18.35 requires the executive to transmit a forest carbon credit approval report that provides details on the carbon project, including its location, the type of project, the protocol or methodology used to verify the carbon credits, and the number of verified credits created before any sales of carbon credits, and
WHEREAS, K.C.C. chapter 18.35 requires that carbon credits from projects described in a forest carbon credit approval report not be sold or transferred until a motion approving a report is passed;
NOW, THEREFORE, BE IT MOVED by the Council of King County:
The forest carbon credit approval report, Attachment A to this Motion, is approved.