June 10, 2021 by News Report

SARATOGA | U.S. Rep. Elise Stefanik is helping to lead the push behind a new bill aimed at incentivizing investment in climate-forward forestry practices.

Stefanik joined U.S. Rep. Chellie Pingree (D-Maine) in introducing the bipartisan Rural Forest Markets Act to help small-scale, family forest owners access new economic opportunities and help make way for more climate-friendly practices.

The Rural Forest Markets Act will:

-Establish the Rural Forest Market Investment Program at the USDA to offer guaranteed loans of up to $150 million for companies to help small and family foresters create and sell forest credits for storing carbon.

-Encourage forestland owners to adopt voluntary practices to draw carbon out of the air.

-Create a new revenue stream for small-scale, family foresters by making it possible to generate innovative credits they can sell in established markets.

-Spark investment in rural communities by reducing financial risk to make these projects possible.

“The North Country is home to thousands of forest owners, and the forestry sector is crucial to the New York State economy,” Stefanik said in a June 10 announcement.

“I am proud to introduce this bipartisan and innovative legislation to incentivize climate-friendly management, provide a revenue stream to help small scale, family forest owners access new economic opportunities, and develop solutions to mitigate the climate challenges we face without burdening American taxpayers and small businesses.”

Read the full story here: https://suncommunitynews.com/