Renewable energy and climate legislation (HR 2998) as amended by Chairman Waxman is being considered on the House floor today. The bill contains a number of provisions important for state and private forestry in the U.S. In particular, the bill (among other things):

• Includes a broad definition of the types of renewable biomass which can contribute towards the Renewable Electricity Standard (RES).

• Corrects the definition of renewable biomass found in the Renewable Fuels Standard and makes it consistent with the RES.

• Guarantees carbon offset market opportunities will be available to forest landowners and agricultural producers.

• Gives primary oversight of forestry and agricultural carbon offset markets to USDA.

• Ensures that forest landowners who have previously participated in voluntary offset programs are eligible to participate in new offset markets while earning credits for prior carbon sequestration activities on their land.

• Includes adaptation funding on the national forests, national grasslands and state and private forest lands.

The U.S. Senate has not yet introduced climate legislation, but the Environment and Public Works Committee plans to hold mark ups prior to the August recess. The Senate Energy and Natural Resource Committee passed an energy package that is expected to be combined with climate legislation and voted on later this fall.