WA SB5999

Authorizes the Department of Natural Resources to enter contracts for ecosystem service projects (including carbon offset projects) on approximately 6,000,000 acres of state-managed lands and waters, with contract terms up to 125 years

Allows the department to sell carbon credits and ecosystem service credits directly to compliance or voluntary markets, or through contracts with third-party project developers and brokers via public auction or direct negotiation

Requires the Board of Natural Resources to approve contract terms and minimum payments for ecosystem service credits, valid for 180 days, with final pricing based on current market rates

Deposits revenue from ecosystem service contracts into appropriate state accounts: the forest development account for state forestlands, and the aquatic lands enhancement account for aquatic lands (supporting salmon habitat improvements)

Adds ecosystem services to the definition of "valuable materials" that can be sold from state lands, giving the department similar authority to private landowners participating in carbon markets