NH Senate Advances Bill Imposing Two Year Pause on New Carbon Credit Deals for Timberland

A Coos County-driven bill that seeks to tax trees left to grow for the sale of carbon credits the same as traditional timber cut yields was amended Tuesday to impose a 2-year moratorium on any new large-scale carbon sequestration agreements in New Hampshire and further study of the statewide impacts. House Bill 123, which went to a New Hampshire Senate Energy and Natural Resources last week  will likely pass a Senate floor vote. Following last week’s hearing, people on both sides of the aisle offered suggestions. Somewhat new in New Hampshire, the carbon credits industry involves companies buying timberland, letting the trees grow to capture carbon dioxide, and then selling carbon credits to companies in other states that are required to buy the credits to offset their greenhouse gas emissions.