Offset Pricing Monthly Market Digest – April 2022
by Derek Six | May 6, 2022
Offset Supply Information:
All CCOs issued to date: 237.48 million
CA and General Market Commentary:
- ARB holds its next quarterly auction on May 18, 2022, with results announced May 26, 2022.
- Several new bills dealing with Cap-and-Trade issues have been introduced in the CA legislature. The most noteworthy for offset market participants is SB 1391, which includes a number of new linking requirements including the requirement that, “If a market-based compliance mechanism proposed for linking has issued or is authorized to issue an offset credit that can be used for compliance purposes, then the market-based compliance mechanism includes a provision that automatically reduces the number of emissions allowances it makes available for compliance purposes by a number that is equivalent to the climate benefits claimed by either of the following:
- The issuance of all offset credits, as observed historically and on an ongoing basis.
- The retirement of all offset credits used for compliance purposes, as observed historically and on an ongoing basis.”
- This proposed rule appears to attempt to mirror a Washington state rule.
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