Release date: December 15, 2016
CHICAGO – BP, The Confederated Tribes of the Colville Reservation (Colville) and Finite Carbon Corporation are one step closer to receiving final approval of a significant carbon offset project to help protect forest land in Washington and contribute to the success of California’s greenhouse gas Cap and Trade program.
The American Carbon Registry – a leading non-profit carbon offset registry – has issued 13,453,750 Registry Offset Credits (ROCs) in support of the project, triggering review for approval by California environmental regulators.
The move by the American Carbon Registry marks the last step before the California Air Resources Board (CARB) reviews the project and determines whether to issue offset credits eligible for compliance under California’s Cap and Trade program. Under the California program, regulated companies can reduce or capture emissions at their own operations and purchase offset credits from greenhouse gas reductions or removal enhancements achieved outside of their sectors. To ensure the highest degree of integrity, eligible offset activities are approved by CARB; reviewed by an accredited auditor to verify that they are real, measurable and verifiable; and evaluated by a specialized carbon registry such as the American Carbon Registry.
The Finite Carbon-Colville Improved Forestry Management Project is designed to preserve existing carbon levels on nearly half a million acres of forest land in Washington state. Carbon levels refer to the amount of carbon dioxide stored in the forest. The project will also support sustainable future management of the forest land and create economic opportunities for the tribe. BP will purchase the credits generated from the project over a five-year period, creating a steady income stream for the tribe.
“Offsets can be an important part of a well-designed cap and trade program,” said Carey Mendes, BP’s regional business leader for Global Oil Americas, who oversees the firm’s carbon trading team. “Projects like this can help to lower the cost of the program and send a signal to all corners of the globe that carbon offsets have value.”
“This project aligns very well with the Tribe’s resource management goals and provides a source of revenue to further improve management and resource protection,” said Colville Chairman Michael Marchand.
Under the joint carbon offset program, nearly two million of the credits will go in to the forest buffer account, which is designed to cover unavoidable forest land losses associated with natural disasters.
As a leading global energy company, BP believes that climate change is an important long-term issue that requires action by governments, companies and consumers. BP is committed to working with industry partners and doing its part in reducing greenhouse gas emissions, while still providing the energy the world needs.
Over the past 10 years, BP has invested more than $90 billion in the U.S. – more than any other energy company. BP is a leading producer of oil and gas and produces enough energy annually to light nearly the entire country for a year. Employing about 14,000 people across the country, BP supports more than 130,000 additional jobs through all of its business activities.
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