Carbon market participation; coastal and marine resources.

Removed the requirement to convene a work group to evaluate the Blue-Green Carbon Credit Fund, eliminating the study phase before implementation.

Added provisions allowing the Department to enter agreements with private entities for credit registration and sale, and to retain revenue for administrative costs.

Added direct authorization for the Department of Environmental Quality to participate in carbon markets for coastal and marine resources on state-owned bottomlands and property.

Established revenue distribution: 75% of credit sale proceeds go to the Oyster Replenishment Fund and 25% to qualifying leaseholders.

Removed the definition of 'Blue-Green Carbon Credits' that specified criteria for private sector purchase, third-party validation, and compliance requirements.

Changed from a November 30, 2026 report deadline to immediate implementation through a new code section 10.1-1186.7.