SAN FRANCISCO, May 3 (Reuters Point Carbon) -- California air regulators on Thursday said they are accepting applications from companies looking to host offset project registries for the state’s carbon market, a step that brings the carbon cap-and-trade program a step closer to issuing compliance-grade credits.
Registries are responsible for keeping a list of active offset projects and tracking issued carbon credits.
Both the Climate Action Reserve (CAR) and the American Carbon Registry (ACR) said they plan to apply to be registries, company officials said Thursday.
They will also apply to be official "early action offset programs," which will enable some of their previously issued credits to count as compliance-grade early action credits in the system.
In the absence of credits issued by the Air Resources Board (ARB), market players have been buying and selling CAR-issued climate reserve tonnes (CRTs) from the four CAR project types that the regulator has said will count for compliance.
Those project types relate to forestry, urban forestry, livestock methane destruction and the destruction of ozone-depleting substances (ODS).
Those CRTs are trading with the expectation that they can be converted into ARB-issued offset credits, but the secondary market has been quiet as players await their issuance.
“That’s big,” one carbon broker said Thursday when he heard the announcement. “Let’s get that sorted out so we can begin converting some of these things.”
ARB also posted applications on its website for companies looking to be accredit third-party offset verifiers.
Advanced Waste Management Systems, Det Norske Veritas and KPMG Performance Registrar are among companies expected to apply to be ARB-sanctioned verifiers.
California will allow covered entities to surrender offsets to meet 8 percent of their compliance obligation.
California's cap-and-trade system seeks to reduce the state's emissions to 1990 levels by 2020.
Last month a lawsuit was filed challenging ARB's authority to allow offset credits to count for compliance with the program.
Legal experts have said the the plaintiffs are unlikely to prevail in the case.
By Rory Carroll – rory.carroll@thomsonreuters.com
Both the Climate Action Reserve (CAR) and the American Carbon Registry (ACR) said they plan to apply to be registries, company officials said Thursday.
They will also apply to be official "early action offset programs," which will enable some of their previously issued credits to count as compliance-grade early action credits in the system.
In the absence of credits issued by the Air Resources Board (ARB), market players have been buying and selling CAR-issued climate reserve tonnes (CRTs) from the four CAR project types that the regulator has said will count for compliance.
Those project types relate to forestry, urban forestry, livestock methane destruction and the destruction of ozone-depleting substances (ODS).
Those CRTs are trading with the expectation that they can be converted into ARB-issued offset credits, but the secondary market has been quiet as players await their issuance.
“That’s big,” one carbon broker said Thursday when he heard the announcement. “Let’s get that sorted out so we can begin converting some of these things.”
ARB also posted applications on its website for companies looking to be accredit third-party offset verifiers.
Advanced Waste Management Systems, Det Norske Veritas and KPMG Performance Registrar are among companies expected to apply to be ARB-sanctioned verifiers.
California will allow covered entities to surrender offsets to meet 8 percent of their compliance obligation.
California's cap-and-trade system seeks to reduce the state's emissions to 1990 levels by 2020.
Last month a lawsuit was filed challenging ARB's authority to allow offset credits to count for compliance with the program.
Legal experts have said the the plaintiffs are unlikely to prevail in the case.
By Rory Carroll – rory.carroll@thomsonreuters.com
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