(1) In order to ensure an offset credit can be used as a compliance instrument under this chapter, an offset project operator or authorized project designee must demonstrate that the ecology offset credits and/or registry offset credits generated by its offset project meet the following requirements. A registry offset credit must:

(a) Represent a GHG emission reduction or GHG removal enhancement that is real, quantifiable, permanent, verifiable, enforceable, and additional to GHG reductions or removals otherwise required by law and other GHG reductions or removals that would otherwise occur;

(b) Result from the use of a compliance offset protocol that meets the requirements of WAC 173-446-505;

(c) Result from an offset project that is listed in accordance with WAC 173-446-520;

(d) Result from an offset project that complies with the monitoring, reporting and record retention requirements of WAC 173-446-525;

(e) Result from an offset project that is verified pursuant to the requirements of WAC 173-446-530;

(f) Result from an offset project that will not produce significant adverse environmental impacts after mitigation. When analysis under Washington's State Environmental Policy Act (SEPA) is required for an offset project, a project-level SEPA analysis finding no significant adverse environmental impact after mitigation fulfills this requirement; and

(g) Be issued by an offset project registry approved pursuant to the requirements of WAC 173-446-590.

(2) An ecology offset credit must meet the requirements of subsection (1) of this section and:

(a) Be issued pursuant to WAC 173-446-555;

(b) Be registered pursuant to WAC 173-446-565;

(c) Provide direct environmental benefits to the state pursuant to WAC 173-446-595; and

(d) When used for compliance be subject to the quantitative usage limits set forth in WAC 173-446-600(6).