Next year rings in a new era for jurisdictional cap-and-trade programs as Washington state finally takes a seat at the emissions trading table alongside California and Quebec. While uncertainty remains regarding Washington’s future linkage to the other two established programs, industry participants are busy prepping scenarios for new compliance obligations and learning what trading opportunities are ahead. Changes could also be in the cards for the California Cap-and-Trade Program, which is under regulatory review by state lawmakers.
Meanwhile, in the midst of continued debate on carbon credit quality and standardization, momentum continues in the global voluntary carbon market, which surpassed the $2 billion-mark this summer. With the environmental stakes never higher, the debate about credit integrity and climate project type is poised to continue into 2023.
Low Carbon Fuel Standard (LCFS) programs are in the limelight, especially this year as several programs are launching in the coming months and several existing programs are eyeing major modifications. California’s LCFS is in the middle of a rulemaking process to extend the targets out to 2045, as well as possibly raise the nearer-term targets to 2030. Oregon is working through a few additions and changes of their own with their Clean Fuels Program. Washington state is all set to launch their program at the beginning of 2023, and Canada’s nationwide Clean Fuel Standard is also ready to go in 2023. One thing is certain — there’s never been a stronger demand for low-carbon fuels.
Attend the 11th Annual OPIS LCFS & Carbon Markets Workshop and hear from recognized industry experts as they provide insights on key market topics including: