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Forest Incentives Program Act of 2023
3/11/2024, 5:01 PM
Summary of Bill S 1366
The Forest Incentives Program Act of 2023 aims to promote the health and resilience of forests by offering financial incentives to landowners who engage in practices that benefit forest ecosystems. These practices may include reforestation, sustainable timber harvesting, and the protection of wildlife habitats.
Additionally, the bill seeks to support rural economies by creating jobs in the forestry sector and encouraging the development of forest-based industries. By investing in the long-term health of forests, the legislation aims to mitigate the impacts of climate change, protect biodiversity, and ensure a sustainable supply of forest products for future generations. Overall, the Forest Incentives Program Act of 2023 is designed to incentivize responsible forest management practices and promote the conservation of one of our most valuable natural resources.
Congressional Summary of S 1366
Forest Incentives Program Act of 2023
This bill directs the Department of Agriculture (USDA) to establish two programs to achieve greenhouse gas emission reductions.
Specifically, USDA must establish (1) a forest incentives program to achieve emission reductions and carbon sequestration on private forest land through carbon incentives contracts and conservation easement agreements, and (2) an incentives program to achieve emission reductions from material choices in buildings.
USDA shall pay owners of forest land under a contract or agreement for (1) certain forestry practices that measurably increase carbon sequestration and storage over a designated period on such land, with appropriate crediting for the carbon benefits of harvested wood products; or (2) conservation easements on such land.
USDA shall pay owners of nonresidential buildings used for commercial or state or local government for using less energy-intensive commercial or industrial products in new construction or building renovation.
