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Offset Scorecard: ARB awards 651k CCOs, as early action comes to a close

September 2, 2016 by Rohan Nongpiur

CaliforniaCarbon.info, September 2, 2016: The final issuance announcement for early action projects led to the award of 651k CCOs – with the majority attributed to the forestry project type. These issuances were made just in time before the August 31, 2016 regulatory deadline that ARB has in order to issue CCOs for most early action projects.

For the second consecutive issuance event, early action projects gained the entirety of the credits. A total of 116 unique ARB project IDs have now gained CCOs under early action, while the number of projects to have generated CCOs from unique registry IDs sits at 113. Out of the 46.8 million issued so far, around 52% (24.2 million CCOs; 2.54 million buffered) have been derived from 412 separate early action reporting periods. 5.09 million of 24.2 million early action credits have come issued in August alone.

The majority issued in this round (93%) went to 8 forestry projects (33 reporting periods), out of which 3 were new projects crediting for the first time. The project to have gained the most CCOs in the recent issuance event was the Garcia River Forest (CAR102), with three reporting periods spanning 2008 and 2010, managing a combined 181,073 CCOs (34,839 buffered).

This issuance round also saw 3 forestry projects gain credits for the first time. Two Maine based projects, Aldo Stream Preserve (CAR655) and Howland Research Forest (CAR681) saw the award of 36,596 CCOs (7,030 buffered) and 48,852 (9,383 buffered) respectively. Both these projects had the Northeast Wilderness Trust listed as the offset project operators (OPOs), SCS Global Services as the early action offset program (EAOP) verifiers, while Forest Carbon Partners acted as the technical consultants.

The other new forestry project to credit was Tazewell – Elk Garden (CAR697) as it gained 177,984 CCOs (34,244 buffered). The forest owner and project developer was the Nature Conservancy. The Nature Conservancy has now gained a total of 334,279 CCOs from 3 projects (19 reporting periods), with all of the credits coming from early action.

Additional early action forestry projects that also saw credits finally taken off the backlog includes Big River/Salmon Creek Forests (CAR408) – 76,614 CCOs (14,742 buffered), Yurok Tribe Sustainable Forest Project (CAR777) – 23,286 CCOs (3,680 buffered), as well as reporting periods belonging to Finite Carbon’s Farm Cove Community Forest Project (CAR657) – 41,912 CCOs (8,064 buffered) and Shannondale Tree Farm (CAR780) – 17,355 CCOs (3,628 buffered). CAR777, CAR780 and CAR657 managed to complete the crediting cycles for their projects. However, the 2007 and 2013 reporting periods of CAR408 could not manage to gain the listed CRTs into CCOs.

Besides forestry, other project types also managed to credit under early action. This includes the Cambria 33 Abandoned Mine Methane Capture and Use Project (VCS559) and Cottonwood Dairy Livestock Gas Capture Project (CAR393).

VCS559 garnered 30,000 CCOs for the remaining reporting period (2011) that was pending issuances. Additionally, CAR393 who have previously gained CCOs to other reporting periods under the same registry ID, this time obtained 16,834 CCOs under a unique ARB ID, with NRG Power Marketing acting as the holders of the credits.

Out of the 24.2 million CCOs issued under early action, forestry obtained 13.24 million CCOs (2.54 million buffered); ODS projects credited 6.34 million CCOs; mine methane managed 2.88 million CCOs; whereas only 1.70 million CCOs were generated from early action livestock projects.

The listing entity with the highest early action credits generated is Usal Redwood Forest Company as they managed 3.92 million CCOs (752k buffered). EOS Climate saw the second highest number of CCOs issued under early action, with 3.30 million coming from 6 projects. Blue Source sits in third position with 2.93 million (383k buffered) coming from 8 projects. Unlike Blue Source and EOS Climate, Usal Redwood Forest Company runs the single project.

Around 9.45 million of the CCOs generated in early action came from state of California – the highest state to produce CCOs. This is followed by Arkansas with 5.53 million (95% derived from Clean Harbors ODS projects), and Wyoming seeing the third largest numbers with 1.48 million.

A more detailed summary of the early action program will be released in the upcoming future.

Rohan Nongpiur (rohan@californiacarbon.info)

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