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CARBON ANALYSIS:
Draft Climate Bill Released by House Committee
 
 
 
            
 
Dear Colleag, but the bill defines ‘additionality’ under the program as: a.) activities not required under existing regulations; b.) projects starting after January 01, 2009 or project started after January 01, 2001 and issued credits by a voluntary carbon offset program; and c.) not exceeding project type baselines established by the EPA.
- The bill allows for import of international credits, including sectorial reductions. CDM credits can be imported only after a finding by the EPA that the program meets standards for integrity.
INTERNATIONAL FORESTRY: The bill instructs EPA to invest approximately 5% of allowance auction revenues in projects to prevent international deforestation (or REDD). This program will achieve at least 720 million tons of reductions by 2020 and at least 6 billion tons of reductions by 2025. These tons are in addition to the offsets permitted above. Qualifying countries must enter into an agreement with the . and agree to certain program elements ensuring integrity and prevent leakage.
STATE PROGRAMS: Emissions allowances issued before December 31, 2011 by either California or the Regional Greenhouse Gas Initiative (RGGI) can be exchanged for Federal carbon allowances. The EPA will make rules for this exchange in such a way that compensates