IETA Applauds California Court Decision on Offsets

FOR IMMEDIATE RELEASE

IETA Applauds California Court Decision on Offsets

SAN FRANCISCO (29 January 2013) – Today, the International Emissions Trading Association (“IETA”) applauded a court decision that serves to reinforce the offsets market in California.

On 25 January 2013 the Superior Court of California in San Francisco issued a decision in favor of the California Air Resources Board’s (“ARB”) authority to include offsets in the State’s cap and trade program (Case CGC-12-519554). IETA is very encouraged by this decision and acknowledges the support it lends to the cap and trade program as a whole.

“Judge Goldsmith’s decision was a strong endorsement of the use of market-based solutions to combat the effects of climate change and to incentivize investments in greenhouse gas abatement,” said Dirk Forrister, IETA’s President and CEO, “and it is a reminder that California is on the right path with a clear policy signal.”

Recognition is also due to the broad industry coalition that acted as Intervenors on behalf of ARB. IETA, together with sister associations – the Carbon Offsets Providers’ Coalition, the Carbon Markets & Investment Association, the Coalition for Emission Reduction Policy, and the Verified Carbon Standard Association – participated in this coalition.

“The coalition was remarkable, a true model for how business interests can play a constructive role in California’s efforts to implement well-crafted regulation,” said Bob Wyman, Partner from Latham & Watkins, the attorney representing the coalition.

Judge Goldsmith rejected the Petitioners’ claims that ARBs use of offsets was inconsistent with the aims of the State’s landmark Global Warming Solutions Act of 2006 legislation, and further rejected that the Petitioners could second-guess ARB and thus force the Court to suggest a better approach.

Contacts:

Dirk Forrister, President and CEO (forrister@ieta.org) +41 22 737 05 09

Ethan Ravage, West Coast Lead (ravage@ieta.org) +1 415 545 8328


About the International Emissions Trading Association (IETA)

IETA has been the leading voice of the business community on the subject of carbon markets since 2000. IETA's 150 member companies include some of the world's leading corporations, including global leaders in oil, electricity, cement, aluminum, chemical, paper, and other industrial sectors; as well as leading firms in the data verification and certification, brokering and trading, legal, finance, and consulting industries.

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