Ecosystem Marketplace’s State of the Forest Carbon Markets 2013 report tracked a miniscule number of forestry offsets transacted under the UK’s Woodland Carbon Code (WCC) program in 2012. That could change now that the WCC has started listing future offsets available for sale on the Markit Registry.
5 March 2014 | For the first time, potential buyers of carbon offsets generated by forestry projects under the UK’s Woodland Carbon Code (WCC) program can see future offsets available for sale, allowing them to make long-term offsetting plans.
The UK Forestry Commission launched the WCC in 2011 to spur local forestry projects that generate carbon offsets by growing trees to absorb carbon dioxide (CO2). Under the voluntary domestic program, companies can establish woodlands on their own land or buy the rights to the carbon sequestered in woodlands established by others.
Since April 2013, UK companies have been required to report their gross CO2 emissions. However, UK regulators allow companies to support projects under the WCC program and count the offsets against their annual emissions reporting requirements. The UK is only one of two national governments that allow voluntary carbon offsets to count against a mandatory emissions reporting requirement – the other being Japan.
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