Voluntary and pre-compliance offset prices in North America are fragmented and opaque. Nonetheless, driven by the Waxman-Markey and Kerry-Boxer bills, buyers have started to form their preferences. Speakers will provide a view of the offset credit supply, demand, forward and over-the-counter pricing trends. The discussion also will address the financing options an offset project developer will have going forward.

Even as AB32 and other ground-breaking policies are set for implementation, efforts to suspend state-level energy and climate policy are emerging. California remains a leader in environmental policy innovation, clean energy development and green job growth. Can the upcoming elections, the recession, state budget constraints and status-quo interests thwart progress? What do these trends mean for other states, regional collaborations and policy development at the federal level? What forces are at work and what is at stake?

Forest projects contribute significantly to carbon dioxide gas reductions and offer a diversity of additional environmental benefits. However, implementation of forest projects in North America or elsewhere is not without real challenges. Experts will discuss on-the-ground experience developing and implementing forest projects, including emerging tools, services and collaborative approaches to facilitate forest project implementation.

Markets have the capacity to bring investment, innovation and significant change to industry practices. However, markets have a disparate record at addressing inherent unfairness and are sometimes blamed for unequal distribution of negative impacts, inequitable access to capital and political disenfranchisement. How can we ensure that social, environmental and local economic concerns are taken into account in the development and use of carbon markets? Is there evidence that market design is heading in the right direction?

Without national climate policy to address climate change directly, how far can other policies get us to the GHG reductions needed to halt climate change? Can specific tax or investment incentives for renewable energy, green building and equipment efficiency standards; energy efficiency programs; fuel economy improvements; and renewable portfolio standards be pushed to fill the gap? Are there other complementary policies in development that can make up the difference? Experts weigh in on how far we can get without specific climate change legislation.

The agricultural community in North America has much to offer climate change mitigation, including providing an adequate supply of quality offsets to voluntary and compliance markets. However, there are unique challenges for agriculture offset project development and diverse viewpoints about the best role for agriculture in future climate policy. This session will provide an opportunity to hear real world experience, economic outlooks and emerging tools for agriculture offsets.

The uncertainty surrounding government action at the state, federal and international level has created turmoil in the carbon markets. It is clear that major emitters across the country face significant and increasing GHG liabilities. Unfortunately, the exact nature of those liabilities —and how they should best be met – is unclear. What price signals should be expected in different systems? Will pre-compliance buyers maintain their momentum or hold still? What investment strategies make the most sense in an uncertain landscape? Market analysts and financial stakeholders share their insights.

In December 2009, U.S. EPA Administrator Lisa Jackson declared carbon dioxide and five other GHGs dangers to public health and welfare and subject to regulation under the Clean Air Act (CAA). This endangerment finding, along with a new rule tailoring the threshold limits for GHG regulation under the CAA, is the first of many steps the EPA is taking to curb emissions. But what will these rules look like, and what will they mean for the carbon market? In this session, speakers will look at the potential for incorporating cap-and-trade, offsets and other market-based mechanisms into the EPA rulemaking under the CAA and the potential for congressional action to help develop a more market-friendly approach.

North American governments and industries are banking on carbon capture and storage’s (CCS) tremendous promise to cost-effectively reconcile growing energy demand with aggressive climate plans and targets. Based on recent science, policy and technology developments and trends, what are the current prospects for these alleged “silver bullet” technologies to move from small-scale demonstration to broader deployment? What market signals will be sufficient to incent wide-scale investment in CCS? Armed with recent findings and lessons learned, the panel will explore these issues and provide updates on CCS policies, projects and partnerships around North America.

A variety of state-, regional- and federal-level carbon market oversight proposals, including both proposals from the Commodity Futures Trading Commission and the financial regulatory reform bill, could have major implications on both carbon trading and the ability to effectively manage carbon risk. What are the ways to achieve a regulatory balance to ensure transparency, accountability and fluid markets? How can markets maintain their ability to keep prices down and tailor products to manage carbon exposure? This session will examine the appropriate level of state, and agencies oversight and implications for the market and managing carbon risk.

Climate legislation at the federal level may not create a cap-and-trade system or put a price on carbon. States and regions have thus far taken the lead on curbing emissions throughout North America. Will they continue to do so? How will state and regional efforts continue, with or without federal action? If Congress doesn’t act this year, to what extent can we expect to see rules and regulations implemented and what are the implications for state and regional programs? This plenary session will focus on updates and provide an outlook for the latest regional action, future federal action and North American partnerships.