The California Air Resources Board (ARB) released in September its second round of amendments to the regulations governing the state's landmark greenhouse gas cap-and-trade program. The latest rule change package made important changes to the offsets program, including streamlining the early action program, tightening credit invalidation procedures, and finalizing allocation for the refining sector.

As a consistent and active stakeholder throughout the rulemaking process, Evolution Markets has provided input to California regulators on market design and offsets policy. Last night, we submitted formal, written comments on the proposed AB 32 rule changes.

In general, we are advocating for changes to the amended rules to ensure a steady, early supply of high-quality offsets and voiced our concerns with provisions governing trading of compliance instruments.

These comments are, in part, designed to supplement comments submitted yesterday by the International Emissions Trading Association (IETA) and the Coalition for Emission Reduction Policy. Evolution Markets fully supports these comments and appreciates their efforts in advocating for an effective carbon trading program in California.

If you have any questions regarding our comments to ARB, implementation of the AB 32 program, or transacting in the emerging California carbon market, please contact our U.S. Carbon Markets team at either uscarbon@evomarkets.com or +1 415.963.9137/+1 914.323.0265.