14 November 2013
Finite Carbon and the Downeast Lakes Land Trust today announced the nation’s first issuance of California Air Resources Board Offset Credits for a forestry project. Nearly 200,000 compliance offsets were issued for the Farm Cove Improved Forest Management Project in eastern Maine. The initial offsets have been contracted to two non-disclosed compliance buyers in the first sales of registered and issued forestry offsets for California’s greenhouse gas cap and trade program.
Located on 19,118 forested acres owned and managed by Downeast Lakes Land Trust, the Farm Cove Project was the first Climate Action Reserve Improved Forest Management project developed and registered outside of California. Forest offset projects are one of four offset types allowed under the Air Resources Board greenhouse gas emissions trading program that launched on January 1, 2013. Under the Air Resources Board program, regulated emitters may use approved and verified offset projects to meet up to eight percent of their emissions cap.
Read more from Finite Carbon here.