Carbon market pilots

Posted by on nov 18, 2010 in Sustainability Mission | 0 comments

Carbon market pilots

California Governor Arnold Schwarzenegger will sign agreements with two regions of Mexico and Brazil on Tuesday to incorporate pilot projects that safeguard tropical forests into the U.S. state’s carbon market, the state’s Secretary for Environmental Protection said.

“Our announcement tomorrow will be an agreement between those three governors — Schwarzenegger, the governor of Acre, and the governor of Chiapas — to actually move these states, projects from these states, into the carbon market and to hopefully provide a path for others to follow,” Secretary Linda Adams said in an interview on Monday.

The regions — Acre in Western Brazil, and Chiapas in southeastern Mexico — are heavily forested and have made considerable progress in addressing deforestation, Adams said.

“They are on a mission to get into our compliance market by the time it begins in 2012,” Adams said. “These will be pilots rather than just opening up to the world and controversy.”

The agreements must be codified by the state’s Air Resources Board, which manages climate change regulation.

Carbon markets seek to cap total emissions of greenhouse gases which contribute to global warming. Factories and power plants buy and sell permits to emit gases, relying on the market efficiency to find the best ways to cut emissions.

Emitters often are allowed to buy some credits for projects which reduce the amount of carbon in the atmosphere.

Preserving tropical forests is seen as one of the most cost-effective ways to cut global carbon emissions, but is controversial. The few carbon markets in the world have avoided giving credits for Reducing Emission from Deforestation and Forest Degradation, known as REDD.

California’s market will start in 2012.

Schwarzenegger is hosting the third annual Governors’ Global Climate Summit, which intends to spur state and local governments to address climate change, a mission that has taken increased importance given the recent failure of global and U.S. action.

Schwarzenegger is about to hand over the state to Governor-elect Jerry Brown, a Democrat who campaigned hard on the importance of California’s climate change law.

source: AlertNet
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