September 28, 2017 by Ronjoy Bezbarua
A massive record breaking 14.45 million credits were issued this week with a majority of the credits coming from Finite Carbon’s Colville IFM (ACR255) forestry project. Three livestock projects as well as one mine methane project were also the recipients of offset credits. A single Landfill methane destruction project from Quebec received over 9.5K credits. With this large batch of issuances, the issuance backlog of Registry Offset Credits awaiting ARB’s approval fell to 31.6 million. This week’s issuance now has the record of the highest number of credits issued by far.
A whopping 98% of this week’s issuances came from the Colville IFM (ACR255) forestry project which was developed by Finite Carbon. This project now holds the record of having the highest single issuance of ARBOCs by a margin of a substantial 9.6 million as compared to the second highest issuance. 14.1 million offsets were generated by this project from its first reporting period with close to 2 million credits in the buffer pool, greatly increasing the supply of offsets available for compliance.
Verdeo McElroy’s Verdeo Marshall County VAM Abatement Project (ACR226) mine methane project was the second highest yielding project of the week with over 271K credits gained from its third reporting period. Of the two mine methane projects developed by Verdeo McElroy, this project has generated the largest amount of credits, with over 776K generated from all reporting periods.
The remaining 22.9K credits were generated from three livestock projects. The Bridgewater Dairy LLC (CAR1122) developed by Camco International Group accrued over 9K ARBOCs from this round of issuance from its third reporting period. Ag Methane Advisors’s Fiscalini Farms (CAR1142) livestock project gained over 7.9K offset credits from its first reporting period while the RES Ag –
DM2-1 LLC (CAR1133) developed by RES Agriculture NC 1 collected over 5.9K credits from its third reporting period.
Over 1 million CCO 8s from 6 projects including two early action projects underwent conversion to lower risk CCO 3s. DPC Domestic ODS Destruction Project #27 (CAR1243) ODS project developed by Diversified Pure Chem saw a conversion of over 54K credits from its first reporting period. Over 12K credits from the second reporting period of Camco International Group‘s Bridgewater Dairy LLC (CAR1122) livestock project transitioned into CCO 3s. Mine methane projects Elk Creek CMM (ACR243) developed by Vessels Coal Gas and Verdeo Marshall County VAM Abatement Project (ACR226) developed by Verdeo McElroy also saw conversions of CCO 8s to CCO 3s to the tune of over 770K credits.
Two early action projects saw CCO 8 to CCO 3 conversions from two of their reporting periods. Californian livestock project Fiscalini Farms Anaerobic Digester developed (CAR589) by Ag Methane Advisors saw a conversion of over 6.7K credits from two reporting periods. Over 197K credits from two reporting periods of Verdeo McElroy’s other mine methane project Verdeo McElroy VAM Abatement Project (CAR793) saw a transition to CCO 3s.
With this issuance, the total CCO 3 credits issued has gone above 29.5 million, increasing the supply of lower risk offsets available for compliance.
With this latest enormous batch of issuances of forestry credits, the amount of forestry credits issued is now hovering near the 60 million mark which is more than all the other types of projects combined.
A single landfill methane destruction project LE003 was awarded over 9.5K credits from its second reporting period in Quebec. A total of over 13K credits were issued in Quebec for the month of September.
ARB’s next issuance will take place on Oct 11.
Ronjoy Bezbarua (email@example.com)
A full breakdown of surrendered offsets is available on request for DataSmart and Pricing & Forecast subscribers. To request CaliforniaCarbon.info’s exclusive OffsetCompliance Inventories (xl.doc) please email firstname.lastname@example.org