Requires the Administrator of the Environmental Protection Agency (EPA) to establish an independent Offsets Integrity Advisory Board to make recommendations for promulgating regulations on offsets of greenhouse gas (GHG) emissions and for ensuring the overall environmental integrity of the offset program (a program that recognizes the act of reducing or avoiding GHG emissions in one place in order to offset emissions occurring somewhere else).
Requires the Board to provide recommendations to the Administrator periodically regarding offset project types that should be considered eligible under the program.
Requires the Board, by January 1, 2017, and at five-year intervals thereafter, to submit to the Administer and make available to the public an analysis of relevant scientific and technical information related to the offsets program.
Requires the Board to: (1) review offset methodologies, scientific studies, offset project monitoring, offset project verification reports, and audits and evaluate the net emissions effects of implemented offset projects; and (2) recommend changes to offset methodologies, protocols, or project types or to the overall offset program to ensure that offset credits do not compromise the integrity of the emissions cap and to avoid or minimize any adverse effects to human health or the environment.
Requires the Administrator, at least every five years, to review and revise: (1) the methodologies established; (2) the reversal policies and mechanisms established; (3) measures to improve the accountability of the offsets program; and (4) any other requirements established to ensure the environmental integrity and effective operation of the offsets program.