The state Senate on Monday unanimously approved allowing Alaska to raise additional revenue through a carbon credit market, which would essentially leave intact vast amounts of carbon-absorbing areas like forests. The approval came despite strongly expressed concerns by several members. A bill authorizing the state to enter into such agreements , introduced by Gov. Mike Dunleavy, seeks to expand the kinds of deals struck since 2016 by three Alaska corporations, including Sealaska Corp., which says it has earned more than $100 million. agree to leave the forest land free of logging for 100 years. In general, the buyers of carbon credits are polluting companies trying to reduce their "net carbon footprint" and environmental entities trying to reduce the overall impact of climate change. In introducing the bill, Dunleavy argued that the state could potentially earn billions of dollars a year within a few years, though subsequent reports have generally projected substantially lower amounts. A Department of Natural Resources fiscal analysis estimates that will mean about $137,000 in personnel and other costs annually, but refrains from predicting income from the carbon offset and leasing programs.

(by Mark Sabbatini)