Creates a greenhouse gas reporting study panel.

Declares that it is important for Washington to analyze the various programs in order to determine the best steps for the state to take in order to protect its citizens and the environment as well as provide businesses and owners of agriculture and forest lands the opportunity to participate in the various carbon trading markets and programs while reducing greenhouse gas emissions.

Requires the study panel to report the results of this study, along with any recommendation for legislation, to the governor and the appropriate standing committees of the legislature by November 1, 2007.