California Air Resources Board approved carbon registries
Two nonprofit organizations will help evaluate the validity of carbon offsets under California’s cap-and-trade regulation.
Two nonprofit organizations were approved Friday as offset registries by the California Air Resources Board. American Carbon Registry of Sacramento and Climate Action Reserve of Los Angeles are carbon offset programs that have stringent standards for project validation.
They will help evaluate the validity of carbon offsets under California’s cap-and-trade regulation.
“Today’s announcement marks an important milestone in the progress of California’s climate program,” Air Resources Board Chairman Mary Nichols said in a news release. “By authorizing real, permanent offsets from farms, forests, and businesses that are not covered by cap-and-trade, we can reduce the costs of compliance with the program and encourage investments in sustainable practices throughout the California economy.”
Cap-and-trade is a key piece of Assembly Bill 32, the state’s global warming law, which mandates that California reduce its greenhouse gas emissions to 1990 levels by 2020. The program sets up a marketplace that puts a value on emissions.
The state’s carbon market kicked off Nov. 14 with the first of what will be quarterly auctions of carbon allowances. Each allowance is a permit to emit one metric ton of carbon dioxide, the most prevalent greenhouse gas, or other greenhouses gases like methane.
Under the program, the state’s biggest pollution producers must buy such permits from the state. Permits are bankable, and businesses that cut emissions can sell extra allowances to those that need additional permits.
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