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Money from Something

For more than a decade, the potential to earn revenue from climate-saving activities in agriculture has been touted throughout farm-related industries. This presentation will assume a basic knowledge of the concept of carbon markets as a kind of ecosystem service market. The focus will instead be put on current market opportunities and the importance of learning from past mistakes. Included in the discussion will be carbon offset opportunities for methane capture from manure digesters and composting and nitrous oxide reduction from controls on nitrogen fertilization. Participants will learn about voluntary and compliance market opportunities and the value of offsets versus transactions costs in today’s markets. Sources of market information will also be discussed. http://www.extension.org/pages/67612/money-from-something:-carbon-market-developments-for-agriculture

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Money from Something
Carbon Market Developments for
Agriculture
Jim Jensen
Sr. Bioenergy and Alternative Fuels Specialist
From Waste to Worth: “Spreading” Science and Solutions
April 3, 2013
Topics
• Global climate change: the recent past
• Ecosystem market approaches
• Utility-based valuation
• Voluntary carbon markets
• Compliance carbon markets
• Current economics for ag methane
• Conclusions
Climate Change – 2000s
Science Coverage Media Coverage
Carbon Markets Develop
Chicago Climate
Exchange
RIP 2004-2010
Chicago Climate
Exchange
RIP 2004-2010
Key Greenhouse Gases (GHGs)
Carbon dioxide (CO2)
Methane (CH4)
Nitrous Oxide (N2O)
Perfluorocarbons (PFCs)
Hydrofluorocarbons (HFCs)
Sulfur hexafluoride (SF6)
Key Greenhouse Gases (GHGs)
Carbon dioxide (CO2)
Methane (CH4)
Nitrous Oxide (N2O)
Perfluorocarbons (PFCs)
Hydrofluorocarbons (HFCs)
Sulfur hexafluoride (SF6)
USDA, 2004

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Money from Something

  • 1. Money from Something Carbon Market Developments for Agriculture Jim Jensen Sr. Bioenergy and Alternative Fuels Specialist From Waste to Worth: “Spreading” Science and Solutions April 3, 2013
  • 2. Topics • Global climate change: the recent past • Ecosystem market approaches • Utility-based valuation • Voluntary carbon markets • Compliance carbon markets • Current economics for ag methane • Conclusions
  • 3. Climate Change – 2000s Science Coverage Media Coverage
  • 4. Carbon Markets Develop Chicago Climate Exchange RIP 2004-2010 Chicago Climate Exchange RIP 2004-2010
  • 5. Key Greenhouse Gases (GHGs) Carbon dioxide (CO2) Methane (CH4) Nitrous Oxide (N2O) Perfluorocarbons (PFCs) Hydrofluorocarbons (HFCs) Sulfur hexafluoride (SF6)
  • 6. Key Greenhouse Gases (GHGs) Carbon dioxide (CO2) Methane (CH4) Nitrous Oxide (N2O) Perfluorocarbons (PFCs) Hydrofluorocarbons (HFCs) Sulfur hexafluoride (SF6) USDA, 2004
  • 7. Key Greenhouse Gases (GHGs) Carbon dioxide (CO2) Methane (CH4) Nitrous Oxide (N2O) Perfluorocarbons (PFCs) Hydrofluorocarbons (HFCs) Sulfur hexafluoride (SF6) USDA, 2004
  • 8. GHG Reductions Have Value Types of Ecosystem Service Markets
  • 9. GHG Reductions Have Value Types of Ecosystem Service Markets •Conservation Reserve Program (CRP) •Renewable Energy Credits (RECs)
  • 10. GHG Reductions Have Value Types of Ecosystem Service Markets •Conservation Reserve Program (CRP) •Renewable Energy Credits (RECs) •SOX & NOX – the original cap-and-trade •Carbon Credits – from GHG reductions, avoidance, or sequestration
  • 11. GHG Reductions Have Value Types of Ecosystem Service Markets •Conservation Reserve Program (CRP) •Renewable Energy Credits (RECs) •SOX & NOX – the original cap-and-trade •Carbon Credits – from GHG reductions, avoidance, or sequestration Ways to Capture Carbon Value 1. Utility-based purchases 2. Voluntary carbon markets 3. Compliance carbon markets
  • 12. Utility-Based Purchases • Green power/green gas collections from customers • Standard offer contracts (feed-in tariffs) • Examples: Wisconsin, Vermont, North Carolina
  • 13. Utility-Based Purchases Vermont SPEED Hydro, solar PV, wind, biomass, landfill gas, farm methane Standard Offer support for renewable power Current: $0.14/kwh • Green power/green gas collections from customers • Standard offer contracts (feed-in tariffs) • Examples: Wisconsin, Vermont, North Carolina
  • 14. Utility-Based Purchases Vermont Cow Power • Collects $0.04/kWh from customers for “Cow Power” • Includes CO2 and CH4 reduction benefits • $3.5 mil paid to participating farms in 8 yrs • Green power/green gas collections from customers • Standard offer contracts (feed-in tariffs) • Examples: Wisconsin, Vermont, North Carolina
  • 15. Utility-Based Purchases Vermont SPEED • Standard Offer for renewable power • Hydro, solar PV, wind, biomass, landfill gas, farm methane • Current: $0.14/kwh Vermont Cow Power • Collects $0.04/kWh from customers for “Cow Power” • Includes CO2 and CH4 reduction benefits • $ passed to participating farms as long as available • Green power/green gas collections from customers • Standard offer contracts (feed-in tariffs) • Examples: Wisconsin, Vermont, North Carolina Cow Power in British Columbia •Utility (BC Hydro) pays $0.10/kWh for renewable electricity (any kind) •Cost to produce farm methane power is closer to $0.14 •Cow Power enlists business and individual subscribers to pay $0.04/kWh to support farm projects •Includes GHG benefit of methane reductions
  • 17. Carbon Markets Today VOLUNTARY • Offsets based on existing protocols/registries • Verification patterns vary • Private transactions retire offsets • Business to Business (or individual) • Carbon Funds COMPLIANCE
  • 18. Carbon Markets Today VOLUNTARY • Offsets based on existing protocols/registries • Verification patterns vary • Private transactions retire offsets • Business to Business (or individual) • Carbon Funds COMPLIANCE • Government regulation • Overall cap on emissions; smaller over time • Allowances (permits) • Trading allowed to find lowest cost compliance • Offsets come from non- regulated parties • Offsets governed by rules, verification, registries
  • 19. What are Carbon Offset Credits • Real, documented, verified results: – Reductions of greenhouse gas emissions – Avoidance of greenhouse gas emissions – Increases in carbon sequestration • Carbon Dioxide is the measure: 1 metric ton of CO2 = 1 carbon credit • Global Warming Potential is relative: Methane – 23 times greater Nitrous Oxide – 300 times greater • The process of creating offset credits can be complex and costly.
  • 20. Criteria for Carbon Offsets • Measurable and verifiable • Additionality: – Regulatory surplus – Timing test – Implementation barriers (financial, technical, institutional) – Common practice • Real: – Permanence – Leakage • Clear ownership
  • 21. Problem: Open-Air Lagoons (“baseline”)
  • 23. Carbon Offset Project Steps 1. Project boundaries 2. Registry registration 3. Protocol development
  • 24. Carbon Offset Project Steps 1. Project boundaries 2. Registry registration 3. Protocol development 4. Measuring 5. Monitoring 6. Verification
  • 25. Carbon Offset Project Steps 1. Project boundaries 2. Registry registration 3. Protocol development 4. Measuring 5. Monitoring 6. Verification 7. Certification 8. Credit issuance 9. Credit aggregation/sale
  • 26. • Non-profit, since 1997 • Carbon offset credits, programs, consulting • Manage dedicated carbon offset funds • Protocol and policy support Offsets: biodigesters, cogeneration, building efficiency, fuel switching, industrial efficiency, material substitution, renewable energy, forest sequestration, transportation efficiency
  • 27. • Since 2000, wind and ag methane • Carbon offset and renewable energy credits, carbon accounting software • Pay farm project up front or as you go Clients
  • 28. • Since 2004 (Univ of Penn) • Buy and sell offset credits • Manage offset projects • Farm power (methane), landfill gas, coal mine methane, wind • Clients: individuals, families, corporations, LEED/green building, universities, private aviation • Retail price: $13.12/ metric ton of CO2e (calculators provided) Existing projects have destroyed more than 4 million tons of CO2e
  • 29. Compliance Carbon Markets RGGI California – AB 32
  • 30. Compliance Carbon Markets RGGI • 9 states: CT, DE, ME, MD, MA, NH, NY, RI, and VT • Electricity sector: 200 power plants • U.S. short tons of CO2 • Allowances are auctioned • Offsets are very limited • Current allowances: ~ $2.70
  • 31. Compliance Carbon Markets RGGI • 9 states: CT, DE, ME, MD, MA, NH, NY, RI, and VT • Electricity sector: 200 power plants • U.S. short tons of CO2 • Allowances are auctioned • Offsets are very limited • Current allowances: ~ $2.70 California – AB 32 • Power and industrial sectors (>25,000 metric tons/yr); transportation starts in 2015 • Metric tons of CO2 • Allowances are auctioned; minimum floor price of $10 • Offsets: livestock methane, forestry, urban forestry, and ozone-depleting substances • Current allowances: ~$13.50
  • 32. California Carbon Market Current livestock methane projects Climate Action Reserve •Listed: 60 •Registered: 36 •Verified Credits: 800,000+ •Early Action Projects: 13 - transition to compliance
  • 33. California Carbon Market Source: Climate Action Reserve
  • 34. Economic Factors 2013 Est. Costs and Benefits CA Compliance Market • Credits per cow per year: 2 to 3
  • 35. Economic Factors 2013 Est. Costs and Benefits CA Compliance Market • Credits per cow per year: 2 to 3 • Initial equip costs: $15,000+ • Annual MMV costs: $15,000+ • Transaction/partner costs: variable
  • 36. Economic Factors 2013 Est. Costs and Benefits CA Compliance Market • Credits per cow per year: 2 to 3 • Initial equip costs: $15,000+ • Annual MMV costs: $15,000+ • Transaction/partner costs: variable • Allowance prices: $13.50 - $15.00 • Offset value: lag allowance prices by ~25%
  • 37. Economic Factors 2013 Est. Costs and Benefits CA Compliance Market • Credits per cow per year: 2 to 3 • Initial equip costs: $15,000+ • Annual MMV costs: $15,000+ • Transaction/partner costs: variable • Allowance prices: $13.50 - $15.00 • Offset value: lag allowance prices by ~25% • Threshold size: 1,500 cows
  • 38. Market Risks • Complexity • Eligibility/timing • Additionality/regulatory changes • Methane destruction systems • Monitoring systems • Data management (gaps) • Protocol choices/revisions • Verification variables • Transaction costs • Buyers
  • 39. Carbon Market Opportunities Utility-based programs Voluntary carbon markets California compliance market 1,500 cows
  • 40. The Cherry on Top • Summary • Conclusion • Lesson Learned • Key Takeaway • The Bottom Line
  • 41. Jim Jensen Senior Bioenergy and Alternative Fuels Specialist 360-956-2083 jensenj@energy.wsu.edu @JJensen_WSU www.linkedin.com/pub/jim-jensen/4/294/37 Proceedings: www.extension.org/pages/67612/money-from- something:-carbon-market-developments-for-agriculture Thank You