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ACR Approved as Offset Project Registry (OPR) for the State of Washington's Cap-and-Invest Program
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LITTLE ROCK, Arkansas March 27, 2023 – The American Carbon Registry (ACR), a nonprofit enterprise of Winrock International, has been approved as one of the first Offset Project Registries (OPRs) for the State of Washington’s Cap-and-Invest Program.
The program sets a limit, or cap, on overall carbon emissions in the state and requires businesses to obtain allowances equal to their covered greenhouse gas emissions. In the first compliance period, 2023-2026, participating entities can cover up to 5% of their emissions with carbon credits, and can cover an additional 3% with credits from projects on federally recognized Tribal lands.
As an OPR, ACR will work with Washington’s Department of Ecology to oversee the listing and verification of carbon offset projects developed following the Department’s approved offset protocols. ACR-issued Registry Offset Credits are then eligible to be converted to Ecology Offset Credits that may be used by capped entities to meet a portion of emissions reduction obligations under the Cap-and-Invest Program.
“We are thrilled to support Washington State’s Cap-and Invest Program, which is designed to reduce climate pollution and help the state meet its climate goals. The approval signals that we have met stringent regulatory requirements including technical expertise in carbon offset protocols; extensive experience in the oversight of offset project listing, registration, independent third-party verification; the issuance of serialized credits on a transparent registry; and a solid understanding of the regulation underpinning the compliance offset program,” said Mary Grady, Executive Director of ACR.
This follows an announcement last month that ACR has signed a Memorandum of Understanding (MoU) with the National Environment Agency (NEA) of the Government of Singapore that will allow Singaporean companies to use ACR-issued carbon credits to offset up to 5% of their taxable emissions starting in 2024. ACR has also served as the leading approved OPR in California’s Cap-and-Trade Program since 2012.
“ACR, which has a long tradition of supporting ambitious climate results, is pleased to be working with federal and state governments around the world that are leading efforts to explore that role that carbon credits can and should play within compliance regimes in support of catalyzing well-functioning carbon markets,” Grady said.