Your DEQ Online crossed another significant milestone this week when the agency’s Climate Protection Program went fully functional in the system. This development means that businesses regulated under the program will have expanded ability to complete transactions in a secure online system.
Some critical features include the ability for regulated companies to buy/sell the compliance instruments used to meet the program’s requirements for reducing greenhouse gas emissions. There is also a voluntary trade forum where companies can request or offer compliance instruments for trade.
“The ability to trade is vital to a program like this because it leverages market forces to reduce climate pollution more efficiently,” said Colin McConnaha, manager of DEQ’s Office of Greenhouse Gas Programs.
“Since the inception of the Climate Protection Program at the start of this year, a frequent question we have received is ‘when will these additional flexibilities be added?’ Because of the work by the Climate Policy Team and the IT team managing this project, and the strong support of the Your DEQ Online Steering Committee, our answer is now,” McConnaha said.
Additionally, the process that companies will use to demonstrate compliance with the program is also now live. These improvements also make it easier to determine the number of compliance instruments DEQ will distribute to each regulated company every year based on their emissions.
The Climate Protection Program took effect at the beginning of the year after approval by the Environmental Quality Commission. It places a cap on greenhouse gas emissions from fossil fuels used throughout Oregon, and requires companies to supply less of these fuels each year. The program will lower that greenhouse gas cap by 90 percent by 2050.
Learn more about the program from our infographic and blog – Environmental Quality Commission votes to establish Climate Protection Program and on our GreenState podcast Episode 7 – Oregon’s Climate Protection Program.
-Nicole Singh, Senior Climate Policy Advisor