Business
Issue of 1st California Carbon Offsets
Issue of 1st California Carbon Offsets.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n \nRNS Number : 8549O Camco Clean Energy PLC 25 September 2013 \n\nCamco Clean Energy plc\nFirst Carbon Offsets to be received under California's Cap-and-Trade Program\nCamco Clean Energy plc (\"Camco\") has received notification that it will shortly be issued 54,497 California Carbon Offsets (CCOs)) under California's cap-and-trade program (the \"Program\"). These form part of the first compliance offsets to be issued under the Program. \nThe Program commenced operation on 1 January 2013 and certain companies across California who release emissions must buy allowances if they exceed annual limits. Currently the Program applies to the electricity and other industrial sectors and from 2015 it will also apply to the fuel sector which will extend its coverage to almost 85% of emissions, more than the existing European Emission Trading Program (the \"ETS\"). The Program has a current auction floor price of USD $10.71 that will increase by inflation plus 5% each year, providing more price certainty for market participants than the ETS.\nCCOs may be used by Californian market participants for up to 8% of their annual emissions as a cheaper and more flexible way to meet their compliance obligations. The Californian Air Resource Board (the \"ARB\") has approved four projects types from which eligible CCOs may be generated. These project types are: destruction of ozone depleting substances (\"ODS\"), agricultural methane, forestry preservation and urban forestry. \nCamco has been developing offset projects in North America since 2007 and has a portfolio of projects generating offsets across the ODS destruction, agricultural methane and forestry preservation project types. Camco has developed a significant number of the agricultural methane projects currently listed under the Program which are under its management. \nThe first project for which Camco has now received approval destroys ozone depleting gases, which would have otherwise been emitted into the atmosphere. Camco has progressed 12 projects through the ARB early-action review process and anticipates further approvals and issuances of CCOs from its projects in the coming months.\nScott McGregor, Chief Executive Officer, said:\n\"Camco is proud to begin delivering high quality offsets into the California cap-and-trade progr...