Leading global offset registry can now accept project submittals for the state’s compliance program
LOS ANGELES, CA – The Climate Action Reserve has been approved by the Washington State Department of Ecology (Ecology) to support the state’s cap-and-invest program as an Offset Project Registry (OPR). In this role, the Reserve will be accepting and reviewing submittals for offset projects to be used in the state’s compliance program.
The Reserve’s role in Washington’s program is similar to the role it plays as an OPR in California’s Cap-and-Trade Program, which the Reserve has supported and participated in since the initial development of the program. For both state compliance programs, the organization carefully reviews and approves offset projects to ensure adherence to the respective state’s standards before sending the projects on to the state for its review and issuance of compliance credits. Additionally, the Reserve’s voluntary offset protocols provided the foundation for five protocols adopted under California’s program and now four of those protocols – US Forestry, Urban Forestry, Livestock and Ozone Depleting Substances – are the initial protocols for Washington’s cap-and-invest program.
“The Climate Action Reserve is honored to be selected to support Washington’s cap and invest program. As indicated by the results of the initial auction, interest across Washington is very high to move aggressively to address the climate crisis. The Reserve stands ready to bring the highest quality carbon credits on the planet to Washington to support its ambitious climate goals,” said Craig Ebert, President of the Climate Action Reserve.
In 2020, Washington committed to becoming carbon neutral by 2050. The cap-and-invest program will be one important tool in the state’s toolbox for reaching this goal. Offset projects registered under the program are required to be real, quantifiable, verifiable, enforceable, additional and demonstrate direct environmental benefits to the state. In the first four-year compliance period of the cap-and-invest program, companies can use offset credits for up to five percent of their compliance obligation and an additional three percent with credits from projects on federally recognized Tribal lands.
The Climate Action Reserve is the most trusted, efficient, and experienced offset registry for global carbon markets. A pioneer in carbon accounting, the Reserve promotes and fosters the reduction of greenhouse gas (GHG) emissions through credible market-based policies and solutions. As a high quality offset registry for voluntary carbon markets, it establishes rigorous standards and issues carbon credits under those standards. The Reserve also supports compliance carbon markets and serves as an approved Offset Project Registry for the State of California’s Cap-and-Trade Program. The Reserve is an environmental nonprofit organization headquartered in Los Angeles, California with satellite offices around the world. For more information, please visit www.climateactionreserve.org.
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