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California Climate Action Registry Monthly Newsletter                November 2008
-Quote-

“A California Climate Action Registry [tonne] is the most sought after and has the highest value in the market at this point.”
-Sean Carney, Carbon Market Specialist, CantorCO2e

  (quoted in the San Francisco Chronicle, Sunday, September 7, page A-1)

Total accounts open in the Climate Action Reserve: 29 

Current average CRT market price in NCF carbon index: US $10.

Calendar of Events

 

Climate Action Reserve – Project Developer and Verifier Training – 7 New trainings just announced!

January 24-25: Go Green Expo, CA Registry Panel
View the California Registry Calendar

Message from the President 


 
Dear Friends and Colleagues,
 
The California Climate Action Registry was created in 2001 by the State of California with the purpose of protecting and promoting early actions to reduce greenhouse gas (GHG) emissions. Given that clear direction, the California Registry established emissions reporting protocols and a database system, CARROT, for registering entity-wide emission inventories. We have also served as a voice for our members with whom we have together successfully influenced climate change policy, such as California’s AB32. The California Registry is proud that its members are well prepared to manage and reduce their GHG emissions and serve as leaders on a larger platform, as the issue of climate change becomes a main topic on regional and national levels.

During this time, the California Registry has established a strong reputation for expertise in GHG accounting and is well known for the integrity and credibility of its work. Having accomplished its initial mission, the California Registry is now drawing on its expertise to strengthen and expand its work to address climate change issues. Over the next two years, the California Registry will be transitioning emissions inventory reporting to its sister organization, The Climate Registry, and cultivating its focus on GHG emission reduction projects and on policy issues and initiatives in the western U.S. The organization will have three main points of focus during this period. First, it will continue supporting its members and representing them to ensure early action recognition by the State of California. Second, it will grow the Climate Action Reserve to ensure the environmental integrity of emission reduction projects. Third, it will maintain a local community with a focus on policy issues and initiatives in the western US through the Climate Action Institute.

It is with great enthusiasm that I announce these three areas of focus. We are proud of the work we’ve accomplished together with our members, and we’re looking forward to carrying on our mission through the Climate Action Reserve and the Climate Action Institute.

  
Sincerely,

 

 
Gary Gero
President
California Climate Action Registry
CRTsCA Registry Credits Hit the High Market 

Carbon index shows CRTs in top tier of carbon credits
 
On September 16, New Carbon Finance (NCF) released its first-ever Voluntary Carbon Index (VCI) for 2008 – showing the California Climate Action Registry’s Climate Reserve Tonnes (CRTs) to be 71 percent (US $10.80) above the average market price of US $6.32.
 
Comparing origination and wholesale level prices of voluntary carbon credits (Verified Emission Reductions or VERs) among various standards and various project types, the VCI showed a distinct differentiation of price tiers with the California Registry’s CRTs in the top.
 
“NCF’s Voluntary Carbon Index gives a clear indication that the voluntary market is maturing and is gravitating towards a small number of standards with significant price differentials. Compared to 2007, we see in particular the pre-compliance market becoming more important, evidenced by the increased popularity of methane projects and the premium that California Climate Action Registry credits can fetch, 71 percent above the average VER price. Amongst current standards the California Climate Action Registry is expected to be best positioned for a future compliance regime and may therefore give the highest chance of future eligibility,” said Milo Sjardin, Head of New Carbon Finance North America.
 
Forest and Methane project types gained the most notable increases among the project types compared in the index. Forest project VERs increased 24 percent above their 2007 price and are continuing to gain value. The VCI attributes this increase to the use of higher quality standards like the California Registry’s. 

Methane project VERs currently garner the highest average prices (US $7.30) and also account for the majority of traded VERs. Methane project VERs increased 12 percent from their 2007 price. According to the VCI, this increase is due to its development costs being relatively inexpensive and its likely eligibility in future compliance programs.
 
“The California Registry’s GHG reporting standards have long been considered among the highest. Now our offset standards are also being proven to be among the best. We are very pleased that the trend in the voluntary offset market is toward projects with the strongest environmental integrity. The California Registry is excited to continue developing its high quality standards for even more offset project types,” said Gary Gero, President of the California Climate Action Registry.
 
View the NFC index here.

 
View California Registry Project Protocols here.

Seven

Seven Project Types Make the Short List

 
A major priority of the California Climate Action Registry is to further expand its list of protocols for registering high-quality greenhouse gas (GHG) offsets. Earlier this year, California Registry staff narrowed down a list of around 100 potential offset project types to a solid group of 10 and has chosen seven of those types to explore further for possible protocol development:
  • Bus Rapid Transit 
  • N2O Reduction at Acid Plants 
  • Tidal Wetland Restoration 
  • Blended Cement 
  • Truck Stop Electrification 
  • Boiler Efficiency 
  • Bus Fleet Upgrades   

These seven project types were chosen based on their suitability for standardized quantification methods, their overall potential for emissions reductions in the United States, and other factors including economic and environmental co-benefits.  

In July, the California Registry solicited proposals from prospective contractors to draft issues papers to further assess the feasibility and desirability of developing offset protocols for these project types. The issues papers are meant to substantiate and add depth to the California Registry’s qualitative internal review and serve as the basis for stakeholder workgroup discussion about the projects. The contracted issues papers will be completed by the end of 2008, and based on their findings the California Registry will select the most promising project types for protocol development in 2009.

The California Registry places a high priority on developing protocols in an open, public, and transparent manner. This ensures that its protocols will be rigorous, credible, effective and usable.

Protocol development will commence with the convening of public stakeholder workgroups, which will deliberate on detailed questions related to baseline estimation, additionality determinations, and other aspects of offset quantification, monitoring, and verification. Draft protocols will be created based on the deliberations of the workgroups. Following public comment periods for each protocol, the California Registry hopes to finalize protocols and formally adopt them sometime in 2009.
 
In addition to the seven project types that it has already identified, the California Registry is considering new project concepts on an ongoing basis. To submit a project concept please email an Emissions Reduction Project Protocol Concept Submission Form to policy@caclimateregistry.org.   

New Staff Welcomed 

 
This month, the California Registry welcomes its newest teammate, Joy Cernac!
 
Joy Cernac has joined the California Registry as a new Program Assistant. In this role, Joy will assist members with reporting their greenhouse gas emissions and help administer the Climate Action Reserve. Joy has worked for many environmental nonprofits, businesses, and start-up companies specializing in a variety of fields, including air quality management, land conservation, green building, and biofuels. Most recently, Joy served as General Manager at Conserv Fuel, where she acquired a substantial California Air Resources Board grant for developing a waste-beverage ethanol distribution operation. Also a long-time advocate of climate change mitigation, Joy campaigned for AB-32, the California Global Warming Solutions Act, created Louisville, Kentucky’s hazardous air pollutant electronic archives, and wrote the Personal Climate Action List for the book Antarctica: The Global Warning. She holds a Bachelors of Arts in Environmental Studies from Oberlin College. Joy can be reached at joy@caclimateregistry.org.

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