Governing Structure, The Climate Trust
The Climate Trust’s Board of Directors oversees all of the organization’s programs and activities, with each member sitting on one or more specialized committees. The Oregon Offset Committee oversees activities that fulfill The Trust’s statutory obligations under the Oregon Carbon Dioxide Standard, the nation’s first legislation to curb carbon dioxide emissions. Other committees include the Risk, Finance, Executive, and Compensation Committees.
The composition of the Oregon Offset Committee is specified by the Oregon Carbon Dioxide Standard legislation, with three (3) members selected by the environmental community, three (3) nominated by the Oregon Energy Facility Siting Council, and a single member elected by the regulated power generators. In addition, each Oregon power generator that has provided funding to The Trust for pollution mitigation may appoint a non-voting Board member, so long as The Trust holds funds associated with that site certificate.
The Oregon CO2 Standard
The Oregon Carbon Dioxide Standard was the first U.S. law aimed at reducing levels of carbon dioxide, the most abundant greenhouse gas. This law requires new power plants built in Oregon to reduce or offset 17% of their carbon dioxide emissions in one of three ways:
- Investing directly in on-site carbon emission reductions
- Funding and developing pollution reduction projects
- Providing funding to a state-recognized nonprofit responsible for selecting and managing pollution reduction projects on their behalf
The Trust remains the only organization qualified to administer the Oregon Standard. To date, all regulated utilities have chosen the third option, giving The Trust funding to mitigate their carbon pollution through projects that avoid, sequester, or displace carbon dioxide on their behalf.