California issues 2.2 million offset credits for carbon market

12 June 2014

California on Wednesday issued 2.2 million carbon offset credits, the majority of which were for a forest protection effort, the largest single project registered for the cap-and-trade program.

The Forestland Group, a forest management company, and Blue Source, an offset project developer, were behind the project, which covers 220,000 acres (89,000 hectares) of land in Michigan.

"The project will immediately deliver significant carbon revenues to the Forestland Group through pre-contracted sales made by Blue Source to companies that participate in California's cap and trade program," Blue Source said in a press release.

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