The American Carbon Registry (ACR), an approved California Offset Project Registry, has issued the first Registry Offset Credits (ROCs) of the California compliance offset program. ROCs are eligible to be transitioned to Air Resource Board (ARB) compliance Offset Credits, which can be used by California entities to help meet their emissions reductions obligations in the Cap-and-Trade Program.
The ACR issuance was for over 300,000 ROCs to Environmental Credit Corp. for an ozone depleting substances (ODS) destruction project developed under and verified against the ARB compliance offset protocol. Environmental Credit Corp. plans to immediately file a request with ARB for issuance of compliance Offset Credits.
The ROCs were verified by an ARB-accredited offset verifier but still must undergo review by ARB staff prior to issuance as ARB Offset Credits in ARB’s market tracking system.
“American Carbon Registry’s issuance of these Registry Offset Credits signals good progress for the compliance offset program,” said Belinda Morris, ACR California director. “We expect to soon see the issuance of the first ARB Offset Credits, which will be another major program milestone and will boost market confidence.”
To date, ACR has listed five California compliance offset projects and four early action projects and has half a dozen California offset projects in the listing process. ACR is also participating in the ARB working groups for the two new offset compliance protocols for Rice Cultivation Projects and Mine Methane Capture Projects, which are expected to be presented for approval at the October ARB meeting.