July 16, 2018 by Emily Jackson
Whilst the first ARB issuance of July was a reasonably quiet 102.7k, the big news this week is Quebec, which has issued offsets for the first time since September 2017. Compared to California, the issuance of 40k credits to Quebec is considerably smaller, however still notable in an otherwise less dynamic market. This is the largest batch of offset issuances in a single week since Quebec began cap-and-trade.
Credits in Quebec were split amongst 7 Landfill Methane Destruction projects, the largest of which received 10.5k credits, developed by WSP Canada. We are expecting further issuances in Quebec over the coming months to Land Methane Destruction and Ozone Depleting Substances projects.
Issuances in California this week were to 4 Livestock projects, and one ODS project. The largest issuance to a single project of just over 50k CCOs was to Coolgas’ 2017-5 (CAR1267) ODS project. 3Degrees Group’s Homestead Green Energy (ACR259) livestock project received 6.7k CCOs. The remainder of CCOs were issued to Camco’s CAR1253, ACR238 and ACR313 – receiving 16k CCOs, 15k CCOs and 14k CCOs, respectively. No forestry or mine methane projects received credits this week.
Just over 175k CCO-8s underwent conversion to lower risk CCO-3s this week. Camco’s High Island Dairy (ACR313) saw the conversion of 15k CCOs in its second reporting period, as did Camco’s Willet Dairy (ACR238). 3Degrees Group’s Homestead Green Energy (ACR259) livestock project had 11.5k CCO-8s converted to CCO-3s from its first reporting period. Finally, the biggest conversion of the week at just over 133k CCO-8s was in A-Gas America’s Coolgas 2016-3 (CAR1239) first reporting period.
ARB’s next issuance will take place on 26th July.
Emily Jackson (email@example.com)
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