HB1999 Summary

• Requires the Department of Agriculture to conduct a market analysis study identifying the optimal mix of private sector, public sector, and philanthropic funding sources for blue carbon ecosystem projects in Hawaii and the Pacific region.

• Study must assess interest in blue carbon projects, identify existing funding mechanisms, characterize needed funding sources, identify supportive policies, and identify physical, social, and financial constraints to project delivery.

• Department shall submit findings, recommendations, and any proposed legislation to the legislature no later than twenty days prior to the 2025 regular session convening.

• Appropriates $300,000 from general revenues for fiscal year 2024-2025 to conduct the market analysis study.

• Takes effect July 1, 2024.