The Climate Action Reserve just announced their new set of rules (Forest Project Protocol version 3.0) for forest offset projects.
Now forest-related offset projects nationwide can be included in help mitigate climate change — not just those in California.
The press release issued by the Climate Action Reserve states,
“These new rules set a rigorous national standard for forest-related projects that sequester carbon emissions. Improved forest management and reforestation are expected to be essential tools in efforts to address climate change.
By adopting this new protocol, the Reserve has cleared the way for forest offset projects to enter the US carbon market. The protocol is for three types of forest projects:
• improved forest management practices,
• reforestation and
• avoided conversion to other uses.
No regulatory-quality national standard previously existed for these types of carbon offset projects.”
In short, each registered project must demonstrate that it reduced greenhouse gas (GHG) emissions. The Reserve would issue carbon credits equivalent to the metric tons of carbon dioxide reduced or sequestered from each registered project. These credits could then be sold or traded on the carbon market.
Chris Kelly, California Program Director of the Conservation Fund says, “Since the adoption of Forest Project Protocol (FPP 2.1), The Conservation Fund has sold or contracted to sell more than 1.2 million CRTs to more than a dozen different purchasers at prices significantly higher than those realized by any other standard.”
He adds, “Clearly, FPP 2.1 has been instrumental in establishing a credible and valuable, domestic market for forest-based carbon offsets. The adoption of version 3.0 of the Forest Project Protocol will extend this market to forest landowners throughout the country and dramatically increase the role of forests in combating climate change.”