The State of California continues to finalize its cap-and-trade regulation. The regulation is expected to become enforceable January 1, 2012; however, covered entities will not have an emissions obligation until 2013. It is anticipated that the California Air Resources Board (CARB) will allocate emissions allowances and hold two allowance auctions in 2012. It was also announced in a CARB meeting on August 24, 2011, that three new offset protocols are being considered for possible adoption in 2012.
A second set of revisions to the cap-and-trade regulation was released in Sept 2011. The Wilderness Society submitted comments (see below) to CARB regarding the second set of revisions to the cap-and-trade regulation as well as one of the proposed new protocols relating to the oil and gas industry. TWS has made recommendations to CARB that would help strengthen the integrity of the forest offsets program and has also recommended a more rigorous approach toward addressing fugitive methane emissions from the oil and gas sector, especially where public lands have been made available to companies for oil and gas development.