GHG credit markets are taking on a local flavor.
At its February 1, 2008 meeting, the South Coast Air Quality Management District governing board approved a workplan for implementing a voluntary GHG emission reduction credit program, known as SoCal Climate Solutions Exchange Program.
An overview of the Program and workplan are available here: www.aqmd.gov/hb/2008/February/08023Aa.html
One likely use of the GHG credits would be in conjunction with the mitigation requirements imposed by CEQA. Concerns are already being raised about the compatibility of this Program with the cap-and-trade system being developed by the California Air Resources Board.
District staff intend to develop the contours of this Program, including protocols for measuring emission reductions, over the coming months with the goal of presenting the final plan to the District governing board for approval in September 2008.