ind an offset project report. The three approved registries for the California cap-and-trade system are American Carbon Registry, Climate Action Reserve, and Verra. Climate Action Reserve may be less convenient than the others, as it requires one to apply for an account. You may choose an offset report from one of these registries or a report from another source that happens to interest you. (a) Describe the counterfactual scenario (baseline) assumed by the offset project. (b) How will the project be monitored? Are there any penalties for non-compliance with the offset contract? (c) Please evaluate the offset project along the following dimensions. i. Additionality ii. Leakage (in space or time) iii. Incomplete contracting (loopholes) (d) How might the project fail to deliver the promised emissions reductions? Would this failure be observable? If the failure were observable would anyone notice or care? (e) Has the offset purchaser made any public statements about this project? If so, are they consistent with your assessment? 1