Kayvan ParvinJournal #1
But there is little doubt the OCME is fulfilling a common interest role that fits government best. I have met a lot of dedicated professionals, on the scientific as well as the administrative and financial side. As professionals, they use their skills in their best possible way to fulfill the agency’s mission with efficiency… and fun. This is good news for the people of New York.
As part of my internship, I had the opportunity to attend the Climate Action Reserve (CAR) workshop at NYMEX last week. The event provided an overview of CAR, which is an organization that registers and tracks voluntary offset credits from a variety of different project types. Presenters from the World Resources Institute also gave an update on the latest federal regulation developments. The Waxman-Markey Bill, also know as the American Clean Energy and Security Act, is the cap-and-trade legislation currently making the rounds in the House. The bill is undergoing many changes as it makes its way through different committees, so I’m constantly keeping an eye on new developments.
Cap-and-trade legislation has the potential to mitigate GHG emissions and stimulate the technologies we need to seriously combat climate change. Furthermore, forestry will be an important part of such a policy since deforestation accounts for more than 17% of total GHG emissions created by humans. I feel privileged to be part of an organization that’s on the cutting edge of environmental reform here in the U.S.
Journal #2
Since my last journal entry, a lot has happened on the policy front with respect to climate change. The Waxman-Markey bill (also known as the American Clean Energy and Security Act, or ACES) was passed by the House of Representatives. This was a huge step in establishing cap and trade in the U.S. and has a lot of people excited in the carbon markets space. There are still many hurdles ahead, with passage by the Senate being the most significant, but it’s great to see some progress on this critical issue.
In light of these policy developments, I’ve been doing a lot of market analysis and feasibility studies on various environmental commodity markets, ranging from carbon offsets to renewable energy credits. This includes evaluating current voluntary programs in order to determine the likelihood that they will be accepted under a federal scheme.
Aside from analyzing market opportunities, I’ve also been able to help the firm best position itself for growth. For example, I helped create a marketing brochure and did an analysis regarding the possibility of establishing an advisory board. Being able to offer my ideas regarding the firm’s management and marketing strategy has been an incredible experience.
It is hard to believe that I’ve been at Equator for almost two months. I’m looking forward to the remainder of my internship.
Journal #3
Given the uncertainties surrounding the passage of climate change legislation, the last month of my internship was primarily spent evaluating opportunities that would exist in the absence of a federal cap and trade scheme. This analysis gave me the chance to learn about the various state and regional schemes that have been or are in the process of being implemented. It is inspiring to see states taking the initiative to tackle climate change issues independently of federal legislation.
Some examples of these schemes include the Western Climate Initiative (WCI), which is a regional climate-change initiative by states and provinces in western North America. Another is the Regional Greenhouse Gas Initiative (RGGI), a regional initiative by states and provinces in the Northeastern United States region to reduce greenhouse gas emissions. In addition to evaluating possible opportunities within these regional programs, I was also tasked with determining the investible opportunity in other environmental commodity markets, including renewable energy certification (REC) markets.
