[Congressional Record Volume 161, Number 12 (Monday, January 26, 2015)]
[Senate]
[Pages S472-S473]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 144. Mrs. SHAHEEN submitted an amendment intended to be proposed
by her to the bill S. 1, to approve the Keystone XL Pipeline; which was
ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. __. FOREST CARBON INCENTIVES PROGRAM.
(a) Definitions.--In this section:
(1) Climate mitigation contract; contract.--The term
``climate mitigation contract'' or ``contract'' means a 15-
year contract that specifies--
(A) the eligible practices that will be undertaken;
(B) the acreage of eligible land on which the practices
will be undertaken;
(C) the agreed rate of compensation per acre; and
(D) a schedule to verify that the terms of the contract
have been fulfilled.
(2) Conservation easement agreement; agreement.--The term
``conservation easement agreement'' or ``agreement'' means a
permanent conservation easement that--
(A) covers eligible land that will not be converted for
development;
(B) is enrolled under a climate mitigation contract; and
(C) is consistent with the guidelines for--
(i) the Forest Legacy Program established under section 7
of the Cooperative Forestry Assistance Act of 1978 (16 U.S.C.
2103c); or
(ii) any other program approved by the Secretary for use
under this section to provide consistency with Federal legal
requirements for permanent conservation easements.
(3) Eligible land.--The term ``eligible land'' means forest
land in the United States that is privately owned at the time
of initiation of a climate mitigation contract or
conservation easement agreement.
(4) Eligible practice.--The term ``eligible practice''
means a forestry practice, including improved forest
management that produces marketable forest products, that is
determined by the Secretary to provide measurable increases
in carbon sequestration and storage beyond customary
practices on comparable land.
(5) Forest carbon incentives program; program.--The term
``forest carbon incentives program'' or ``program'' means the
forest carbon incentives program established under subsection
(b)(1).
(6) Secretary.--The term ``Secretary'' means the Secretary
of Agriculture.
(b) Supplemental Greenhouse Gas Emission Reductions in
United States.--
(1) In general.--The Secretary shall establish a forest
carbon incentives program to achieve supplemental greenhouse
gas emission reductions and carbon sequestration on private
forest land of the United States through--
(A) climate mitigation contracts; and
(B) conservation easement agreements.
(2) Priority.--In selecting projects under this subsection,
the Secretary shall provide a priority for contracts and
agreements--
(A) that sequester the most carbon on a per acre basis; and
(B) that create forestry jobs or protect habitats and
achieve significant other environmental, economic, and social
benefits.
(3) Eligibility.--
(A) In general.--To participate in the program, an owner of
eligible land shall enter into a climate mitigation contract.
(B) Relationship to other programs.--An owner or operator
shall not be prohibited from participating in the program due
to participation of the owner or operator in other Federal or
State conservation assistance programs.
(4) Reversals.--In developing regulations for climate
mitigation contracts under this subsection, the Secretary
shall specify requirements to address intentional or
unintentional reversal of carbon sequestration during the
contract and agreement period.
(c) Incentive Payments.--
(1) In general.--The Secretary shall provide to owners of
eligible land financial incentive payments for--
(A) eligible practices that measurably increase carbon
sequestration and storage over a designated period on
eligible land, as specified through a climate mitigation
contract; and
(B) subject to paragraph (2), conservation easements on
eligible land covered under a conservation easement
agreement.
(2) No conservation easement agreement required.--
Eligibility for financial incentive payments under a climate
mitigation contract described in paragraph (1)(A) shall not
require a conservation easement agreement.
(d) Regulations.--Not later than 1 year after the date of
enactment of this Act, the Secretary shall issue regulations
that specify eligible practices and related compensation
rates, standards, and guidelines as the basis for entering
into the program with owners of eligible land.
(e) Set-aside of Funds for Certain Purposes.--
(1) In general.--At the discretion of the Secretary, a
portion of program funds made available under this program
for a fiscal year may be used--
(A) to develop forest carbon modeling and methodologies
that will improve the projection of carbon gains for any
forest practices made eligible under the program;
(B) to provide additional incentive payments for specified
management activities
[[Page S473]]
that increase the adaptive capacity of land under a climate
mitigation contract; and
(C) for the Forest Inventory and Analysis Program of the
Forest Service to develop improved measurement and monitoring
of forest carbon stocks.
(2) Program components.--In establishing the program, the
Secretary shall provide that funds provided under this
section shall not be substituted for, or otherwise used as a
basis for reducing, funding authorized or appropriated under
other programs to compensate owners of eligible land for
activities that are not covered under the program.
(f) Program Measurement, Monitoring, Verification, and
Reporting.--
(1) Measurement, monitoring, and verification.--The
Secretary shall establish and implement protocols that
provide monitoring and verification of compliance with the
program, including both direct and indirect effects and any
reversal of sequestration.
(2) Reporting requirement.--At least annually, the
Secretary shall submit to Congress a report that contains--
(A) an estimate of annual and cumulative reductions
achieved as a result of the program, determined using
standardized measures, including measures of economic
efficiency;
(B) a summary of any changes to the program that will be
made as a result of program measurement, monitoring, and
verification;
(C) the total number of acres enrolled in the program by
method; and
(D) a State-by-State summary of the data.
(3) Availability of report.--Each report required by this
subsection shall be available to the public through the
website of the Department of Agriculture.
(4) Program adjustments.--At least once every 2 years the
Secretary shall adjust eligible practices and compensation
rates for future climate mitigation contracts based on the
results of monitoring under paragraph (1) and reporting under
paragraph (2).
(g) Authorization of Appropriations.--There are authorized
to be appropriated to carry out this section such sums as are
necessary.
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