California already has cap and trade. There doesn't seem to be a need for further regulation. If there's a problem with emissions, adjust the pricing. That's the purpose of cap and trade.
Such as owning a piece of forest land and pinky-swear you're not going to exploit it. This offsets nothing. There is no additional carbon being absorbed out of the atmosphere. Yet this counts as emission reduction.
Not a good look for a group of people otherwise obsessed with climate change.