California sets stage for global forest protection through state’s cap-and-trade program
The California Air Resources Board (CARB) has recently published draft of the Tropical Forest Standard which sets out comprehensive requirements for credits from large-scale reductions in emissions from tropical deforestation to be considered for inclusion in California’s cap-and-trade program. Adoption of the standard by the Board would be a pivotal first step toward California becoming the first compliance carbon market in the world to recognize such credits.The use of these and any other international credits will be limited to 2% of an entity’s annual compliance obligation. The California Standard will solidify the state’s role as a global climate leader, setting the gold standard for cap-and-trade programs to reduce tropical deforestation and providing a model that others can replicate.
Source: EDF September 5, 2018
