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A Review of Offset Programs: Trading Systems, Funds, Protocols, Standards and Retailers Research Report, Stockholm Environment Institute, 2008 A Review of Offset Programs: Trading Systems, Funds, Protocols, Standards and Retailers Anja Kollmuss, Michael Lazarus, Carrie Lee and Clifford Polycarp A Review of Offset Programs: Trading Systems, Funds, Protocols, Standards and Retailers Version 1.1* October 2008 Anja Kollmuss, Michael Lazarus, Carrie Lee and Clifford Polycarp * Version 1.0 of this report was prepared under contract to the Climate Change Division of the United States Environmental Protection Agency (68-W-06-010), under the guidance and support of Maurice LeFranc, with management assistance by Heidi Nelson-Ries at Stratus Consulting, Inc. Version 1.1 is the SEI research report version, which contains some small editorial revisions. The views and opinions expressed in this report are those of the authors. This report does not represent the views of the United States Government or of the US Environmental Protection Agency. Stockholm Environment Institute Kräftriket 2B 106 91 Stockholm Sweden Tel: +46 8 674 7070 Fax: +46 8 674 7020 E-mail: [email protected] Web: www.sei.se Publications Manager: Erik Willis Web Manager: Howard Cambridge Layout: Richard Clay Cover photo: © R.Clay/SEI This publication may be reproduced in whole or in part and in any form for educational or non-profit purposes, without special permission from the copyright holder(s) provided acknowledgement of the source is made. No use of this publication may be made for resale or other commercial purpose, without the written permission of the copyright holder(s). Copyright © November 2008 by Stockholm Environment Institute CONTENTS Acknowledgements vii List of acronyms ix 1 Context and purpose of this review 1 2 Recent trends 4 Stockholm Environment Institute 3 A comparison of offset programs 6 3.1 General features of offset programs 7 3.2 Market size and scope 12 3.3 Offset project eligibility 19 3.4 Additionality and quantification procedures 27 3.5 Program administration and authority 33 4 International offset mechanisms 38 4.1 Clean Development Mechanism (CDM) 42 4.2 Joint Implementation (JI) 57 5 Mandatory cap and trade systems (offset features) 66 5.1 Australian Carbon Pollution Abatement Scheme 66 5.2 Canada’s Offset System for Greenhouse Gases 69 5.3 New South Wales Greenhouse Gas Reduction Scheme 74 5.4 Regional Greenhouse Gas Initiative 82 5.5 Western Climate Initiative 88 6 Other mandatory systems (offset features) 92 6.1 Alberta-Based Offset Credit System 92 6.2 State Power Plant Rules of Oregon, Washington and Massachusetts 98 7 Carbon offset funds 107 7.1 World Bank Carbon Finance Funds 107 8 Voluntary cap and trade systems (offset features) 114 8.1 Chicago Climate Exchange 114 9 Voluntary GHG reduction programs 120 9.1 Climate Leaders 120 9.2 California Climate Action Registry 124 10 Voluntary GHG accounting protocols (entity-wide and offset project specific) 131 10.1 WBCSD/WRI GHG protocol for project accounting 131 10.2 ISO 14064 135 v 11 Voluntary standards for offset projects 140 11.1 Gold Standard 141 11.2 Voluntary Offset Standard 149 11.3 Voluntary Carbon Standard 2007 152 11.4 Green-e Climate Protocol For Renewable Energy 161 11.5 Green-e Climate program 167 12 Offset retailers 176 12.1 The Climate Trust 176 12.2 TerraPass 181 12.3 NativeEnergy 184 12.4 Myclimate 187 General references 191 Glossary 194 vi ACKNOWLEDGEMENTS The authors greatly appreciate the time taken by the many individuals listed below for their clarifications and enrichment of specific report sections, and for their suggestions that improved the overall organization and framing of this document. The authors extend particular thanks to Derik Broekhoff of the World Resources Institute, whose unpublished survey of standards and programs, conducted with support from the World Economic Forum, provided a helpful guidepost for this effort. We acknowledge Stockholm Environment Institute the World Wildlife Fund for their support of earlier research, which helped to build a strong foundation for this report. Edwin Aalders, the Voluntary Carbon Suzanne Loney, Environment Canada Standard Damien Meadows, the European Tom Arnold, Terrapass Commission, DG Environment Martina Bosi, the World Bank Carbon Shahyar Niakan, the World Bank Finance Unit Carbon Finance Unit Derik Broekhoff , the World Resources Manuel Oliva, Climate Leaders, the US Institute Environmental Protection Agency Meinrad Buerer, the Gold Standard Andy Ridge, Alberta Environment Phil Carver, the Oregon Department of Robert Savage, Alberta Environment Energy Michael Schlup, the Gold Standard Nathan Clark, the Chicago Climate Kai-Uwe Barani Schmidt, the UNFCCC Exchange CDM Secretariat James Colman, the Massachusetts Chris Sherry, New Jersey Department of Department of Environmental Environmental Protection Protection William Space, the Massachusetts Nathalie Dault, the European Department of Environmental Commission, DG Environment Protection Allen Fiksdal, the Washington Energy Caitlin Sparks, the Gold Standard Facility Site Evaluation Council Martin Stadelmann, myclimate Rob Fowler, Abatement Solutions – Adam Stern, TerraPass Asia Pacific Tom Stoddard, Native Energy Gary Gero, the California Climate Scott Subler, the Chicago Climate Action Registry Exchange Josh Harris, the Voluntary Carbon Jim Sullivan, Climate Leaders, US Standard Environmental Protection Agency Olivia Hartridge, Morgan Stanley Matthew Tidwell, the Climate Trust Judith Hull, Environment Canada Rich Wong, Pembina Institute Jasmine Hyman, the Gold Standard The World Bank Carbon Finance Unit’s Alexia Kelly, the Climate Trust Operations Team Mark Kenber, the Voluntary Carbon Standard Lars Kvale, the Center for Resource Solutions Maurice LeFranc, the US Environmental Protection Agency vii LIST OF ACRONYMS AAU Assigned Amount Unit (Kyoto Protocol) ACP Abatement Certificate Providers ACT Australian Capital Territory AIE Accredited Independent Entity BER Baseline Emission Rate CCAR California Climate Action Registry CCEMA Climate Change and Emissions Management Act CCX Chicago Climate Exchange CDM Clean Development Mechanism CDM EB CDM Executive Board CER Certified Emission Reduction tCER temporary CERs lCER long-term CERs CFI Carbon Financial Instrument CFL Compact Fluorescent Lamp CHF Swiss Franc CMAC Climate Marketers Advisory Committee CRS Center for Resources Solutions CO2 Carbon dioxide CO2e Carbon dioxide equivalent COUP Intertribal Council on Utility Policy DFP Designated Focal Point DOE Designated Operational Entity DNA Designated National Authority EIA Environmental Impact Assessment EIT Economy in Transition (e.g. Eastern Europe) ERU Emission Reduction Unit EUA EU ETS allowance EU ETS European Union Emissions Trading System EPA US Environmental Protection Agency ERPA Emissions Reduction Purchase Agreement FPO Forward Purchasing of Offsets GHG Greenhouse Gas Green-e CPRE Green-e Climate Protocol for Renewable Energy GS Gold Standard GS TAC Gold Standard Technical Advisory Committee GWh Gigawatt hour GWP Global warming potential IETA International Emissions Trading Association ICRD Independent Competition and Regulatory Commission INCIS International Carbon Investors and Services IPART Independent Pricing and Regulatory Tribunal IRP Integrated Resource Planning ITL International Transaction Log viii JI Joint Implementation JISC JI Supervisory Committee LDC Least Developed Countries LULUCF Land use, land-use change and forestry MW Megawatt MmtCO2e Million metric tons of CO2 equivalent MstCO2e Million short tons of CO2 equivalent NEM National Electricity Market Stockholm Environment Institute NSW GGAS New South Wales Greenhouse Gas Abatement Scheme NGAC NSW GHG Abatement Certificates ODS Ozone Depleting Substance PDD Project Design Document PSEG Public Service Enterprise Group PV Photovoltaic REC Renewable Energy Credit RGGI Regional Greenhouse Gas Initiative RMU Removal Unit RPS Renewable Portfolio Standard SF6 Sulfur Hexafluoride SSCWG Small Scale Working Group STI Sustainable Travel International TCG The Climate Group UNDP United Nations Development Program UNFCCC United Nations Framework Convention on Climate Change VCS Voluntary Carbon Standard VCS AFOLU VCS Agriculture, Forestry and Other Land Use VCU Voluntary Carbon Unit VOS Voluntary Offset Standard VER Verified Emission Reduction VERR Verified Emission Reduction/Removal WBCSD World Business Council for Sustainable Development WEF World Economic Forum Global Greenhouse Register WCI Western Climate Initiative WRI World Resources Institute ix Stockholm Environment Institute 1 CONTEXT AND PURPOSE OF THIS REVIEW arbon or greenhouse gas (GHG) offsets have long been promoted as an important Celement of a comprehensive climate policy approach. By virtue of enabling emission reductions to occur where costs may be lower, offset projects and programs can reduce the overall cost of achieving a given emission goal, a finding supported by many economic analyses.1 Furthermore, offsets have the potential to deliver sustainability co-benefits, spurred through technology development and transfer, and to develop human and institutional capacity for reducing emissions in sectors and locations not included in a cap and trade or a mandatory government policy. With increasing attention on tackling the challenge of climate change, it is no surprise that interest in carbon offsets is blossoming. Increasingly, individuals, organizations, and policymakers are considering carbon offsets to be a key element in their strategies to address GHG emissions. As experience with offset markets grows, however,
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