(Updates with details)
May 13 A compromise U.S. climate bill unveiled
on Wednesday would allow polluters to offset up to 2 billion
tons of their carbon dioxide emissions, under a proposed
emissions trading scheme.
The bill, called the American Power Act, would allow project
developers to sell emissions cuts from forests, peat lands and
farms as carbon offsets to polluters. It also supports a fight
against deforestation in developing countries. [ID:nN12244039]
The allocation comprised up to 1.5 billion tons of offsets
from domestic, U.S. projects, and the rest from overseas.
The bill backed a U.N. scheme called reducing emissions from
deforestation and degradation (REDD) that could usher in a
global trade in carbon offsets from forest preservation.
Key qualifying criteria for domestic offset projects:
-- Fugitive methane emissions from coal mines, landfills,
and oil and gas distribution facilities; agricultural,
grassland, and rangeland sequestration and management practices;
and changes in carbon stocks attributed to land use change and
Key qualifying criteria for international offsets:
-- Sector-based, credits issued by an international body, or
those from reduced deforestation.
-- Prohibits offset credits from projects based on the
destruction of hydrofluorocarbons.
Aid to curb deforestation in developing countries:
-- an assistance programme to drive reductions in greenhouse
gas emissions from deforestation in poor nations
-- programme to achieve emissions reductions of at least 720
million tons of carbon dioxide-equivalent in 2020, a cumulative
amount of at least six billion tons of CO2 equivalent by
end-2025, and additional subsequent cuts
-- aim to help poorer nations build the capacity to reduce
deforestation at a national level. Steps to prevent forest
clearance that might simply be pushed into another location is
-- projects should improve the livelihoods of forest
communities, maintain natural biodiversity and carbon storage
capacity of forests, promote native forests and ecosystems and
give due regard to the rights of indigenous peoples.
-- a national deforestation baseline must take into account
the average annual historical deforestation rates of the country
during a period of at least 5 years
(Reporting by David Fogarty, Nina Chestney and Gerard Wynn;
editing by James Jukwey)