The Natural Capital Task Force
Enacted by Senate Bill 348/HB653
in the 2022 legislative session is a State and Local Government Accounting for Natural Capital Task Force
, aka “The Natural Capital Task Force.”
The purpose of the Task Force is to assist state and local governments to take full advantage of Government Accounting Standards Board accounting standards in order to unlock the financing needed to scale up the installation and maintenance of green and blue infrastructure and other conservation and restoration projects capable of contributing to a net reduction in the use of public funding while improving community health and resilience.
The Task Force shall:
- document the extent to which Government Accounting Board standards have been adopted in the State;
- identify barriers to the adoption of the standards, and make recommendations regarding the increased adoption of the standards;
- compile an inventory of the institutions that support natural capital and make recommendations regarding the engagement of land trusts, land banks, and community land trusts to act as green infrastructure institutions and the creation of equity and resilience in disadvantaged communities;
- make recommendations regarding public accounting and auditing practices that could help State and local governments to better quantify and value natural capital alongside traditional asset accounting;
- develop a communications plan describing natural resources as natural capital assets, including discussing urban tree canopy as a natural asset; and study and make recommendations regarding any other matter the Task Force considers relevant and timely.
On or before September 30, 2023, the Task Force shall report its findings and recommendations to the Governor and the General Assembly.
This site was created and is maintained by Susan.Casey1@maryland.gov, Maryland Department of the Environment.