ARB issues over 2 million offset credits to seven projects

November 14, 2013 by CaliforniaCarbon.info

CaliforniaCarbon.info newsdesk, 14 November 2013: The California Air Resources Board issued over 2 million offset credits on 12 November in the largest-ever issuance of compliance offsets till date. The latest round of issuances pushed the total issuance figure past 3 million, and also marked the first instance when projects using the US Forest and Livestock protocols were issued offsets.

Issuance by Protocol

A total of 2,055,777 offset credits were issued to eight projects across three protocols – Ozone Depleting Substances (ODS), Livestock and US Forest. Projects based on the US Forest protocol were issued over 66% of the offsets issued on 12 November, projects using the ODS protocol accounted for over 21% of the issued credits, while Livestock protocol-based projects constituted about 1.5% of the credits issued.

Following the issuance on 12 November, the tally of total issued credits stood at 3,182,100. US Forest protocol projects now constitute almost 43% of the total issued credits while the projects based on the ODS protocol have a share of over 56%.

Issuance by Project Operator

A project based on the US Forest protocol, with Coastal Ridges LLC listed as its operator, was issued 1,118,675 credits, accounting for over 35% of the total issuance to date. EOS Climate Inc., which has been issued credits five times for four projects, has a tally of 777,051 and a share of over 24%. Environmental Credit Corp. and Raprec Refrigerants Inc., have also secured issuances for multiple projects and have a share of about 21% and 5% in the total issuance thus far.

Downeast Lakes Land Trust was issued 242,131 offset credits for a project based on the US Forest protocol. Terrapass Inc and Camco International Group were issued a total of 31,348 offset credits for livestock projects.

Project Location

So far 15 projects have been issued offset credits. Three of these are compliance offset projects while the rest are early action offset projects. Only one of these 15 projects is located in California. Eight projects are located in Arkansas (all these projects are based on the ODS protocol), while three projects are located in Ohio.

CCA Price Movement

In the past the issuance of credit offsets has sometimes coincided with a slight decline in the CCA benchmark prices at the InterContinental Exchange. Between 12 and 13 November 2013, the CCA prices gained up to 1% in trading amidst healthy trading volumes.

For more information about this article, email: contact@californiacarbon.info

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