Offset issuances and retirements are down from February levels.
A total of 26.76 million offsets were issued in March, down from 37.61 million in February. This is a reduced level of issuances relative to 2022 and 2021 as well.
15.66 million offsets were retired in March, a 26% decrease in retirements from February. The total number of retirements in March was elevated relative to the past five years, apart from 2021, which saw slightly more retirements for the corresponding month.
Forestry projects’ share of offset generation has fallen significantly from 39% to 28%.
Forestry and energy continue to be the predominant source of offsets generated. However, significant changes have occurred in the disposition of project types.
The bank of unused offsets increased by the smallest amount in over a year.
The bank of offsets increased by 11.10 million tons in March, compared to 2022’s average monthly increase of 18.70 million tons. This change was driven by a smaller number of issuances rather than a larger number of retirements.