The Washington State Department of Ecology developed a list of potential carbon markets that it is considering connecting to the Clean Air Rule. Ecology is asking the public, the regulated community, and subject matter experts to comment on the list and share any experiences you have had with these markets.
Background Information
Organizations covered by the rule are given several ways to comply. One way to comply is to obtain carbon credits (allowances) that come from an approved carbon market outside of Washington. A carbon market is a program designed to reduce greenhouse gas emissions through the trading of credits.
The rule requires that we determine which markets to approve based on three criteria:
- Allowances are issued by an established multi-sector greenhouse gas emission reduction program.
- Covered parties in the Clean Air Rule are able to purchase allowances within the market.
- Procedures used to determine carbon credits (allowances) must be compatible with those used in Washington State’s greenhouse gas reporting program.
Earlier this year, Ecology opened a survey to gather information about domestic and international carbon markets. It used the responses, in addition to the criteria above, to develop an initial list of carbon markets to consider.
Potential Markets, or Countries with Markets:
- European Union Emission Trading System
- New Zealand
- South Korea
- Western Climate Initiative (includes California and Canadian province of Quebec)
Share Your Comment
Ecology would like you to comment on the potential challenges and advantages to connecting with these markets or share additional markets you think we should consider. It is collecting comments from Aug. 31 –Oct. 13, 2017. During this period, you can submit a written comment online or share your comments at a listening session.
Listening Session
Oct. 2, 2017, 1:00-3:00 P.M.
Department of Ecology, 300 Desmond Dr. SE, Lacey
To participate in-person please register for the listening session.
You can also attend remotely by registering for the webinar.
Next Steps
Ecology will review comments and use this information to consider changes to the list of markets. We expect to share the updated list and begin conversations with potential markets in late fall 2017.
For more information, please visit the Ecology website or contact Bill Drumheller, at 360-407-7657.