Last month, we announced a new prospective project for the TerraPass retail portfolio. We received several comments and have published our responses to them here. After reviewing your feedback and deliberating on the merits of this project, we’re excited to announce the inclusion of Cambria 33 into our retail portfolio.
Methane from abandoned coal mines represent a significant proportion of U.S. greenhouse gas emissions (approximately 10%, according to EPA estimates). In the absence of regulation to capture and destroy abandoned coal mine methane, voluntary offset purchasers play an important role in encouraging more widespread implementation of coal mine methane projects. When we pay a project owner for their emission reductions, we send a clear signal not only to this project’s investors, but to others as well, that carbon offsets play a real role in paying back their investment over time. This encourages more investment, the snowball we hope to set rolling.
Not only is this a highly innovative project – the first abandoned coal mine project verified to a recognized carbon standard in the US – it’s also a first for TerraPass, as we continue to explore and expand our the types of projects we work with. We look forward to welcoming other groundbreaking projects in the future.