Establishment of targets for carbon sequestration by land and water

(a) In general The Chair of the Council on Environmental Quality, in consultation with the Secretaries of Agriculture, Commerce, and the Interior, the Chief of Engineers, and the Administrator of the Environmental Protection Agency, shall— (1) establish a target for carbon sequestration that can reasonably be achieved through enhancing the ability of public and private land and water to function as natural carbon sinks; (2) develop strategies for meeting that target; and (3) develop strategies to expand protections for ecosystems that sequester carbon and provide resiliency benefits, such as— (A) flood protection; (B) soil and beach retention; (C) erosion reduction; (D) biodiversity; (E) water purification; and (F) nutrient cycling. (b) Report As soon as practicable after the date of enactment of this Act, the Chair of the Council on Environmental Quality shall submit to Congress a report describing— (1) the target and strategies described in paragraphs (1) through (3) of subsection (a); and (2) any additional statutory authorities or authorized funding levels needed to successfully implement those strategies.