Offset Pricing Monthly Market Digest – September 2022
by Derek Six | October 7, 2022
Offset Supply Information:
All CCOs issued to date: 240.90 million
CA and General Market Commentary:
Issuances of CCOs in September totaled 2,089,335. This brings the issuances of CCOs in 2022 YTD to 9.4 million. This continues a trend of decreasing issuances of CCOs:
At least three factors may be at work influencing this severe downturn in CCO issuances:
- Many of the largest potential forestry and ODS projects may have already been developed, and we may be observing a permanent decline in opportunities under the current protocols.
- The pandemic may have delayed the development of new projects and/or the process of verification site visits for existing projects.
- Many projects have elected to switch their registration. Dairy methane projects have largely transferred over to the LCFS program. Other projects may have elected to register under voluntary protocols given the high voluntary market prices seen in late 2021.
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