The GHG emission reductions or removals from the mitigation activity shall be robustly quantified, based on conservative approaches, completeness and scientific methods. Robust quantification of emission reductions and removals The GHG emission reductions or removals from the mitigation activity shall be permanent or, where there is a risk of reversal, there shall be measures in place to address those risks and compensate reversals. The greenhouse gas (GHG) emission reductions or removals from the mitigation activity shall be additional, i.e., they would not have occurred in the absence of the incentive created by carbon credit revenues. The carbon-crediting program shall have program-level requirements for robust independent third-party validation and verification of mitigation activities. Robust independent third-party validation and verification The information shall be publicly available in electronic format and shall be accessible to non-specialised audiences, to enable scrutiny of mitigation activities. The carbon-crediting program shall provide comprehensive and transparent information on all credited mitigation activities. The carbon-crediting program shall operate or make use of a registry to uniquely identify, record and track mitigation activities and carbon credits issued to ensure credits can be identified securely and unambiguously. The carbon-crediting program shall have effective program governance to ensure transparency, accountability, continuous improvement and the overall quality of carbon credits. Learn more about the voluntary carbon market and visit the ClimatePartner Academy.What makes a carbon credit ‘high integrity’? In consultation with stakeholders across the market, the Integrity Council has developed 10 Core Carbon Principles which set out the key principles for high-integrity carbon credits: It was the first global standard to make emissions reductions quantifiable through CERs (Certified Emission Reductions). It was created in 2006 based on the Kyoto Protocol and developed as a market mechanism to reduce greenhouse gas emissions at the national level. One of these is the Clean Development Mechanism (CDM). Compliance markets for emissions or emission reductions are created and managed by international, regional, and national institutions. In addition to the voluntary carbon market, there is also the compliance market for carbon trading. How does the voluntary carbon market differ from the compliance carbon market? The number of retired credits is roughly half this number, as not all issued VERs have yet been purchased. To put it in perspective, this is slightly higher than the annual emissions of Germany and Japan combined, according to the EU. On the voluntary carbon market, VERs for about 1.8 billion tonnes of CO2e had been issued as of May 2023. In doing so, you will be contributing to global climate goals and helping communities in the countries most affected by climate change to improve living conditions through comprehensive reduction measures and financing climate projects. In our free downloadable guide, you will learn how you can immediately anchor climate action in your company. In addition, to be listed on the VCM, climate projects must always meet four main criteria: additionality, permanence, the avoidance of double counting, and regular independent audits.Į-book: The essential guide to carbon offsetting These standards have regularly evolved the applied methodologies for climate project technologies over time, according to scientific findings and considering public comments. VERs are managed with a unique ID in the registries of voluntary market standards, such as the Gold Standard (GS) and the Verified Carbon Standard (VCS). VERs are issued by certified climate projects, which are verified and registered according to international standards. One VER corresponds to preventing the release of 1 tonne of CO 2 equivalent (CO 2e) emissions. To make this possible, activities to reduce or avoid CO 2 must be quantifiable. Residual emissions can thus be offset by financing climate projects at another location. Where on earth emissions are caused, avoided, or reduced is irrelevant to global greenhouse gas concentrations and the greenhouse effect. How does the voluntary carbon market work?Ĭarbon offsetting is based on the understanding that greenhouse gases such as CO 2 are distributed evenly in the atmosphere, so their concentration is approximately the same everywhere in the world. The United Nations Framework Convention on Climate Change (UNFCCC) forms the basis for this form of voluntary carbon offsetting. This is done by financially supporting climate projects by trading and purchasing Verified Emission Reductions (VERs) on the VCM. The voluntary carbon market (VCM) has emerged alongside the compliance market to enable companies and individuals to take responsibility for their emissions.
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