Carbon Credit Exchange. The County shall explore development of a Carbon Credit Exchange to create carbon credits within unincorporated Yolo County through implementation of climate-smart carbon sequestration practices on working lands. For the purposes of the County Carbon Credit Exchange, a carbon credit is defined as "verifiable sequestration of one metric ton of carbon dioxide equivalent not otherwise required by regulation." The County would administer the Carbon Credit Exchange and would pay farmers that implement climate-smart sequestration practices on working lands. The County could (1) retire the carbon credits purchased to support progress in achieving the County carbon neutral target by 2030 (and carbon negative post-2030); or (2) sell carbon credits to eligible buyers. Carbon credits sold to eligible buyers would fund the exchange program and the purchase of carbon credits from Yolo County agricultural producers. Carbon credits sold could not be used toward achieving the County’s carbon negative target.
The County shall assess the feasibility of and, if deemed appropriate, develop a preliminary plan for creating the Carbon Credit Exchange. The plan shall identify challenges and opportunities and recommend next steps for establishing a transparent, accountable, and sustainable Carbon Credit Exchange program. The plan will also identify eligible and priority buyers and the geographic scope of buyers. The pricing of Carbon Credit Exchange carbon credits sold to outside entities would be based on the program’s administrative costs, the cost to farmers to implement climate smart practices, and the cost to pay back the County for offsets it purchased and retired to achieve the agricultural sector greenhouse gas reduction targets.
The County shall assess the feasibility of and, if deemed appropriate, develop a preliminary plan for creating the Carbon Credit Exchange. The plan shall identify challenges and opportunities and recommend next steps for establishing a transparent, accountable, and sustainable Carbon Credit Exchange program. The plan will also identify eligible and priority buyers and the geographic scope of buyers. The pricing of Carbon Credit Exchange carbon credits sold to outside entities would be based on the program’s administrative costs, the cost to farmers to implement climate smart practices, and the cost to pay back the County for offsets it purchased and retired to achieve the agricultural sector greenhouse gas reduction targets.