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newsrel -- First California carbon offsets approved under Forestry Protocol
Posted: 13 Nov 2013 12:13:45
Please consider the following news release from the California Air Resources Board: http://www.arb.ca.gov/newsrel/newsrelease.php?id=522 -------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------- 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.