California carbon offset registries and verifiers approved

The California Air Resources Board (ARB) has approved two groups to provide carbon offset credit registry services for the state’s carbon market.

The American Carbon Registry (ACR) and the Climate Action Reserve (CAR) are two well-established organizations that underwent registry training in order to assist the ARB evaluation of carbon offset projects.

As certified offset project registries, ACR and CAR will be responsible for listing and reviewing projects, as well as issuing offset credits that will be submitted for use in the California carbon market.

Green Assets has long-running relationships with both of these distinguished groups.

The ARB also trained and certified over 60 third-party verifiers that will review all carbon project documents to ensure they are in accordance with their respective carbon project protocols.

Businesses that will see their emissions regulated beginning next year will be able to purchase carbon offset credits to meet up to 8% of their compliance obligation, creating a potential demand for over 200 million carbon offsets by 2020.

Two weeks ago a deal for 100,000 carbon offset credits was struck at $11 apiece, signaling that regulated emitters are anxious to take advantage of the cost savings provided by carbon offsets.