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Rural Forest Markets Act of 2021
12/30/2022, 5:47 PM
Summary of Bill HR 3790
One key aspect of the bill is the establishment of a grant program to support the creation of new forest markets in rural areas. These markets would provide a platform for small-scale forest landowners to sell their products, such as timber, wood products, and non-timber forest products. By expanding market access for these landowners, the bill seeks to increase their income and incentivize sustainable forest management practices.
Additionally, the bill includes provisions to support the development of innovative technologies and practices for forest management. This includes funding for research and development projects that aim to improve forest health, reduce wildfire risk, and enhance the resilience of forest ecosystems. By investing in these technologies, the bill aims to help rural communities adapt to the challenges of climate change and other environmental threats. Overall, the Rural Forest Markets Act of 2021 is designed to support the economic development of rural communities through sustainable forest management practices. By creating new market opportunities and investing in innovative technologies, the bill seeks to strengthen the resilience of rural forests and promote the long-term health of these vital ecosystems.
Congressional Summary of HR 3790
Rural Forest Markets Act of 2021
This bill directs the Department of Agriculture (USDA) to establish the Rural Forest Market Investment Program to guarantee investments to finance certain projects that will enable rural private forest landowners to participate in an innovative market for forest carbon or other products.
In establishing the program, USDA must consider ways to ensure that the program minimizes disruptions to traditional forest products markets.
Eligible projects are projects developed by a private entity or a publicly supported, charitable nonprofit organization engaged in the aggregation of sustainable forestry practices implemented by rural private forest landowners to facilitate the sale of credits in the voluntary carbon market or other environmental market using a methodology approved by a credible, third-party entity.
USDA may guarantee up to $150 million with respect to each investment.
Authority to carry out the program terminates on September 30, 2023.
