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Please consider the following news release from the California
Air Resources Board:
http://www.arb.ca.gov/newsrel/newsrelease.php?id=522

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FOR IMMEDIATE RELEASE

November 13, 2013

NEWS RELEASE 13-71

CONTACT:

Dave Clegern
(916) 322-2990
dclegern@arb.ca.gov

First California carbon offsets approved under Forestry Protocol

California forestry project generates 1.2 million credits for
cap-and-trade program; provides habitat, watershed benefits

Sacramento—Staff of the Air Resources Board (ARB) announced today
it has approved the first California forest carbon credits issued
under the cap-and-trade offset protocols.

The Willits Woods project developed by Coastal Ridges, LLC was
issued 1.2 million Air Resources Board-approved carbon offset
credits. Coastal Ridges, LLC is located in Willits, California
and the Willits Woods project covers approximately 19,000 acres
in Mendocino County.

“This action recognizes the important role forests play in
fighting climate change,” said ARB Chairman Mary D. Nichols.
“Forests managed under the protocol not only furnish additional
compliance options for businesses subject to the cap-and-trade
program, they also provide habitat for wildlife and a wide range
of improved watershed benefits for California.” 

Carbon offsets accepted by the ARB come from sectors not covered
by the cap-and-trade program, and must be additional -- that is,
above and beyond the carbon that would have been stored in the
forest if it had been managed on a ‘business-as-usual’ basis.

The carbon credits approved today are from what are known as
“early-action” projects and recognize voluntary projects
developed under earlier versions of the offset protocols before
the current protocols were adopted as part of the cap-and-trade
Program. 
As with all carbon offsets projects, this forestry project had to
first be verified by an ARB-accredited, third-party verifier. The
project, the related number of carbon credits, and all relevant
documents and data were then rigorously reviewed by ARB staff
before issuance of ARB offset credits.

Offset credits approved by the ARB can be used by companies to
comply with California’s cap-and-trade program. Each offset
credit generated under an ARB protocol is equivalent to one
metric ton of carbon dioxide. Carbon dioxide is the most
prevalent greenhouse gas, and the largest driver of climate
change.

The Forest Offset Protocol was one of four offset protocols
approved by the ARB in 2011. Credits are issued based on the
number of metric tons of carbon sequestered in trees in the
forest that are specifically managed for each offset project. In
order to qualify for the carbon credits, projects under the
forestry protocol must be managed for the purpose of carbon
storage for at least 100 years. In addition forest projects must
promote and maintain a native forest comprised of multiple ages
and mixed native species. This approach to forest management will
provide wildlife habitat and the fullest range of improved
watershed benefits.

Carbon offsets act as a cost-containment mechanism under the
program because offsets generally cost less than state auctioned
carbon allowances. A covered business may use offsets to account
for up to 8 percent of its Cap-and-Trade compliance obligation.

You can find the Forest Offset Protocol here:
http://www.arb.ca.gov/regact/2010/capandtrade10/copusforest.pdf

You can find early action offset projects under consideration by
the Air Resources Board here:
http://www.arb.ca.gov/cc/capandtrade/offsets/issuance/issuance.htm

ARB also issued 242,000 compliance offset credits for the Farm
Cove Community Forest Project located in Maine.  This project
also increases carbon stocks through improved management of the
forest.