Letter from the President of California’s Climate Action Reserve
Dear friends and colleagues,
Six years ago, history was made when we witnessed Governor Schwarzenegger sign the California Global Warming Solutions Act (AB 32) into state law. Now we are about to be part of another historic event when AB 32’s cap-and-trade program launches and creates the first economy-wide cap on greenhouse gas emissions (GHG) in the U.S. This fall, the program will officially begin as allowances are distributed and the first market activity – an auction for allowances – takes place. The California Air Resources Board (ARB), along with capped entities, market participants, and policy experts are working hard to ensure the state is ready by conducting training exercises, such as ARB’s recent test auction, and by testing the program’s infrastructure and systems.
The Reserve has been actively working alongside these entities, participants and experts to ensure the success of this vital program to address the serious threat of global climate change. We have built, operated, and honed the most widely used and most highly regarded offsets registry in the U.S. Earlier this year, we began accepting GHG emissions reduction projects under California’s compliance cap-and-trade protocols. The offset infrastructure of the cap-and-trade program is tested and ready, and the Reserve is experienced, knowledgeable, efficient, and trusted to review and register offset projects under the compliance protocols which ARB adapted from those that the Reserve has used for years. Please feel free to contact us now about registering your compliance project.
The Reserve is also pleased to continue providing informational resources and technical support to market participants and the public during this phase of the program. Our upcoming webinar on September 20 will delve into the market for compliance offsets in California’s cap-and-trade program. The webinar will feature expert carbon market participants from SMUD, Shell Energy North America and EOS Climate. We hope that you can join us – please see below for more information. This is part of a series of informational webinars and events we will be hosting over the next year – a series that includes the Navigating the American Carbon World annual conference next April 16-18 in San Francisco – so stay tuned and stay informed!
I hope you all enjoyed your summer and found time to relax with friends and family since this fall and winter are going to be busy and exciting!
As the premier carbon offset registry for the North American carbon market, the Climate Action Reserve works to ensure environmental benefit, integrity and transparency in market-based solutions that reduce greenhouse gas (GHG) emissions. It establishes high quality standards for carbon offset projects, oversees independent third-party verification bodies, issues carbon credits generated from such projects and tracks the transaction of credits over time in a transparent, publicly-accessible system. By facilitating and encouraging the creation of GHG emission reduction projects, the Climate Action Reserve program promotes immediate environmental and health benefits to local communities, allows project developers access to additional revenues and brings credibility and value to the carbon market. The Climate Action Reserve is a private 501c(3) nonprofit organization based in Los Angeles, California. For more information, please visit www.climateactionreserve.org.