Environmental Services Markets Language in Farm Bill 2008

There are other sections of the Farm Bill that relate to environmental markets, but this specific section gives USDA the authority to create standards for environmental service markets.

Link to Public Law version 6124 of the Farm Bill (use CTRL-F to look for "Sec. 2709")
Link to USDA's home page for the 2008 Farm Bill

SEC. 2709. ENVIRONMENTAL SERVICES MARKETS.

Subtitle E of title XII of the Food Security Act of 1985 is amended
by inserting after section 1244 (16 U.S.C. 3844) the following new
section:

``SEC. 1245. ENVIRONMENTAL SERVICES MARKETS.

``(a) Technical Guidelines Required.--The Secretary shall establish
technical guidelines that outline science-based methods to measure the
environmental services benefits from conservation and land management
activities in order to facilitate the participation of farmers,
ranchers, and forest landowners in emerging environmental services
markets. The Secretary shall give priority to the establishment of
guidelines related to farmer, rancher, and forest landowner
participation in carbon markets.
``(b) Establishment.--The Secretary shall establish guidelines
under subsection (a) for use in developing the following:
``(1) A procedure to measure environmental services
benefits.
``(2) A protocol to report environmental services benefits.
``(3) A registry to collect, record and maintain the
benefits measured.
``(c) Verification Requirements.--
``(1) Verification of reports.--The Secretary shall
establish guidelines for a process to verify that a farmer,
rancher, or forest landowner who reports an environmental
services benefit pursuant to the protocol required by paragraph
(2) of subsection (b) for inclusion in the registry required by
paragraph (3) of such subsection has implemented the
conservation or land management activity covered by the report.
``(2) Role of third parties.--In establishing the
verification guidelines required by paragraph (1), the
Secretary shall consider the role of third-parties in
conducting independent verification of benefits produced for
environmental services markets and other functions, as
determined by the Secretary.
``(d) Use of Existing Information.--In carrying out subsection (b),
the Secretary shall build on activities or information in existence on
the date of the enactment of the Food, Conservation, and Energy Act of
2008 regarding environmental services markets.
``(e) Consultation.--In carrying out this section, the Secretary
shall consult with the following:
``(1) Federal and State government agencies.
``(2) Nongovernmental interests including--
``(A) farm, ranch, and forestry producers;
``(B) financial institutions involved in
environmental services trading;
``(C) institutions of higher education with
relevant expertise or experience;
``(D) nongovernmental organizations with relevant
expertise or experience; and
``(E) private sector representatives with relevant
expertise or experience.
``(3) Other interested persons, as determined by the
Secretary.''.