1.2 million carbon offsets passed ARB’s approval this week, a significant increase contrast compared to the first issuance in April, which saw no CCO’s issued. The credits were distributed across 10 new projects and covered 4 different project types.

Finite Carbon’s The Forestland Group Chateaugay Woodlands IFM (ACR247) was the highest scorer of the week, generating 780k forestry credits in New York. Around 150k will be held in the buffer pool for insurance purposes. Blue Source’s Allegheny IFM Project IFM (ACR276) was the other forestry project to be credited this week, as it picked up 5k and 92k respectively for its second and third reporting periods. 

6 livestock projects managed to gain CCOs in this issuance event. 3 Degrees Group saw credits assigned to three of its livestock projects, Clean Fuel Partners Dane County Biodigester (ACR390), Kettle Butte Digester (ACR349) and Green Valley Dairy Methane Reduction (CAR1106). While ACR 390 garnered  14k for its second reporting period, ACR349 and CAR1106 gained 43k and 23k for their fourth reporting periods respectively. 

Maas Energy Works GJ TeVelde Ranch Dairy Digester Project – CAR1288 based in California (22k CCOs, 2nd reporting period), Threemile Bioenergy’s TMF Biofuels Dairy Digester – CAR1169 based in Oregon (63k CCOs, 4th reporting period) and ClimeCo’s Indiana based T&M Bos Dairy – CAR1169 (10k CCOs, 6th reporting period) were the other livestock projects to see issuances this time.

A Mine Methane Capture project, Vessels Coal Gas’s Cambria 33 Abandoned Mine Methane Capture and Use Project (ACR242), also managed 43k for its second reporting period. Mine Methane Projects have contributed just around 6.9 million to overall supply, with 42% of the volume coming from early action projects. However, there has been an increase in the number of listings recently, as 6 new projects have been listed since February. 

One new ODS project, Hudson Tech 2020-1 (ACR535), also passed ARB’s final approval this week, earning around 90k credits for Hudson Technologies.

In other news, around 2.3 million CCO-8s transitioned into the lower risk CCO-3. 2.12 million credits from the first reporting period of Blue Source’s Allegheny IFM Project IFM, formed the bulk of the fresh CCO3 influx. Whilst, the remainder was formed by the previous reporting periods of the other projects to gain issuance this around, as a result of verifier rotation.

Price Update

In April, CCO-8s have been trading at an average of 14% discount to the CCA Benchmark, while the lower risk CCO-3 and Golden were trading at a discount of 13% and 10.5% respectively. In April, the CCA benchmark has ranged from USD 13.5 – 16 per metric ton CO2e, with an average of USD 15.

Click <here> to view the historical price trends of CCO-3s, CCO-0s and CCO-8s.

Next issuance

ARB’s next issuance will take place on 13th May.

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