I. The purpose of HB 3283 is not being met and the EFSC monetary offset rate is not being followed.
The purpose of HB 3283 is to regulate and reduce CO2 emissions from regulated facilities by implementing carbon offset projects .
The Climate Trust has never adhered to the monetary offset rate established by the Energy Facility Siting Council, and this has led to a major shortfall in offsets that were paid for by regulated facilities.
The Climate Trust claims that the monetary offset does not provide sufficient funding to offset the amount in excess of the standard. This means HB 3283 and The Climate Trust are not offsetting the carbon dioxide that is required to be offset and is thus failing to meet the intent of HB 3283.
The Climate Trust claims the amount of carbon dioxide in excess of the standard is not being fully offset for two reasons :
1. 20% of the funds received are set aside for the costs of “monitoring, evaluation, administration, and the enforcement of contracts to implement offsets.”
2. “The monetary path rate has not kept pace with market prices”