ClimeCo Enters into Agreement to Deliver Guaranteed, High Quality Offsets to Southern California Edison

BOYERTOWN, Pa., May 29, 2014 /PRNewswire/ -- ClimeCo Corporation (ClimeCo) has entered into an agreement with one of California's largest state utilities, Southern California Edison (SCE), to transact greenhouse gas (GHG) offset credits to satisfy the utility's compliance obligations under the California Air Resources Board's (ARB's) Cap-and-Trade Regulations.

The agreement is the result of a Greenhouse Gas Offset Credit Request for Offers (GHG RFO) publicly issued by SCE on January 24th, 2014, a public solicitation of bids for emissions compliance credits guaranteed to meet California's stringent environmental requirements.

An independent evaluation of GHG RFO bidders conducted by third-party Merrimack Energy Group, Inc. determined that ClimeCo Corporation's double-verified compliance instrument portfolio was among the selected offers that met SCE's requirements.  Other factors that influenced the selection process included developer experience, safety efficacy and supplier diversity.

"We are pleased to help minimize the impact of AB 32 on Southern California Edison's operations by providing high quality guaranteed offsets at competitive prices. SCE ran a very streamlined and professional bid process and we are excited about developing a long-term relationship with their team," stated ClimeCo CEO, Bill Flederbach.

All offset credits represent GHG emissions reductions within the United States, and have been rigorously verified by a third-party and issued by the Air Resources Board  under California's Global Warming Solutions Act of 2006 (Assembly Bill 32).

The purpose of AB 32's market-based cap-and-trade program is to encourage cost-effective GHG emissions reductions. Offsets are tradable credits that represent verified GHG emissions reductions in sectors and sources not covered under the cap, providing additional supply of reductions that helps lower the overall cost of compliance for California consumers.   Entities may use offset credits for up to 8% of their compliance obligation under cap-and-trade. 

About ClimeCo: 

ClimeCo Corporation is a respected advisor and trader of environmental commodity market products. Specialized expertise in regional criteria pollutant trading programs, California cap-and-trade and voluntary markets, and project financing of internal CO₂ abatement systems complement ClimeCo's diverse commodity portfolio which includes CRTs generated under the Nitric Acid Production protocol and the California Air Resources Board (CARB) Forestry, Ozone Depleting Substance and Agricultural Methane protocols. Within the Climate Action Reserve, ClimeCo is the largest producer of U.S. voluntary carbon credits, managing projects that generate in excess of three million credits per year.  Contact: 484-415-0501 or [email protected]. 

CONTACT
Cynthia Jackson, Brand Management Leader
(484) 415-0501 or  [email protected]

SOURCE ClimeCo Corporation