June 24, 2013 /3BL Media/ - Developers of offset projects for California’s cap-and-trade program have formed the Compliance Offset Developers Association (CODA) to leverage its members’ expertise and promote an effective offset market in California.
Drawing on members’ carbon market experiences in California, North America and internationally, CODA will communicate with regulators and administrators about the rules, regulations and procedures surrounding greenhouse gas emissions reduction projects governed by the California Greenhouse Gas Cap-and-Trade Program.
“CODA creates a forum for project developers and owners to provide input and expertise to the Air Resources Board and Offset Project Registries as California’s offset program takes shape and developers commit capital to emissions reduction projects,” said Charles Purshouse, the group’s
elected chairman. “CODA will actively engage with regulators and other program participants to support a strong, efficient and transparent offset market.”
CODA functions as a member-driven and transparent organization to fairly represent offset developers and facilitate an open exchange of ideas and experiences. Membership is accessible to companies that have three or more projects registered with one of the California-approved project types. Current members include A-GAS RemTec, Camco, Coolgas, Inc., Diversified Pure Chem, Environmental Credit Corp, and Terrapass. For information about joining CODA, eligible companies may contact Nick Facciola at PR@terrapass.com
Offsets are an important design aspect of California’s cap-and-trade program. Projections forecast that more than 200 million offsets will be required by the program to meet 2020 targets. While the program started in January 2013, and three successful allowance auctions have been held to date, compliance offsets from early-action projects and projects using California Air Resources Board (ARB) protocols have yet to be issued. For offset project investors and stakeholders, the regulations governing the offset creation and issuance process, transparency, and the timely review of project documents and information, are crucial to ensure projects are developed and sufficient numbers of offsets are issued to meet market demand.