Speaking at the Carbon Forum North America conference October 2, Belinda Morris, California director for the American Carbon Registry, said that the number of credits available to offset emissions through 2020 in California’s cap and trade system is likely to be fewer than needed. There will be almost enough offsets to meet demand from 2013 through 2014, but the state will encounter a large gap between supply and demand starting in 2015. The California Air Resources Board will hold its first auction November 14, with the first compliance period beginning January 1.