Report from North American Carbon World

Report from North American Carbon World

 

The North American Carbon World (NACW) virtual conference in late April 2021 is the annual gathering of the professional carbon financiers and scientists sponsored by the Climate Action Reserve.  NACW addresses climate policy and features key thought-leaders advancing innovative climate solutions.

 

As summarized on their website, “The Climate Action Reserve is an environmental nonprofit organization that promotes and fosters the reduction of greenhouse gas (GHG) emissions through credible market-based policies and solutions. A pioneer in carbon accounting, the Reserve serves as an approved Offset Project Registry (OPR) for the State of California’s Cap-and-Trade Program and also establishes high quality standards for offset projects in the North American voluntary carbon market and operates a transparent, publicly-accessible registry for carbon credits generated under its standards....The Reserve is a private 501(c)3 nonprofit organization headquartered in Los Angeles, California with satellite offices around the U.S.”

 

There were many fascinating themes discussed and woven throughout the keynote and plenary sessions.  Some key concepts are the role natural ecosystems will need to play in addressing the climate crisis.  Specifically managing forests back to health as green trees uptake CO2 and don’t burn as readily.  Canada’s backstop carbon pricing victory with the Trudeau government to end the discrepancy across provinces and unify Canada.  Quebec still enjoys a lower carbon tax due to their participation in California’s AB 32 Cap & Trade program and that seems to be a carrot for Ontario to reenter and other provinces to engage.  Carbon capture, storage and utilization has been identified as critically important in terms of meeting carbon-neutrality goals (2045 for CA, proposed 2050 at the national level).  But it was the State of Washington that stole the show.  After being serial disappointers on the GHG/climate regulatory front the state has finally stepped up and passed a piece of climate fighting legislation that could be a game changer.  The new regulatory approach known as Cap and Invest, championed by Governor Jay Inslee and scheduled to go into effect in 2023, includes: (1) aggressive GHG reduction goals (45% below 1990 levels by 2030, 70% below by 2040 and 95% by 2050), (2) statewide CO2e allowances will be capped and trading allowed to cover the marginal overages and (3) Air toxic emissions issues in impacted communities will be addressed by a program of health-risk based source apportionment and monitoring.