Industry and Environmentalists support carbon offset credits
Several prominent environmental groups and major utilities that will face new regulations beginning next year demonstrated their support for the use of carbon offset credits in the California carbon market.
Both the Environmental Defense Fund and the Natural Resources Defense Council voiced their opinion that the California Air Resources Board (ARB) has done a very thorough job of ensuring the legitimacy and validity of their carbon offset project protocols.
So far the ARB has approved four carbon project types to generate offset credits for use in the state’s carbon market-Forestry, Urban Forestry, Agricultural Methane and the destruction of Ozone Depleting Substances.
Industries also explained their support for carbon offset credits as a crucial aspect of a successful carbon market.
Southern California Edison, a major state electric provider that will be required to meet new emission restrictions beginning next year, has already issued a Request for Offers to purchase 200,000 carbon offsets certified by the ARB.
Additionally, the International Emissions Trading Association outlined how carbon offset credits provide a cost containment measure that is invaluable as industries transition to compliance.
Regulated entities in California are allowed to purchase carbon offset credits to meet up to 8% of their emission reductions, totaling a demand for over 10 million carbon offset credits in 2013 alone.