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A carbon credit is a generic term for any tradable certificate or permit representing the right to emit a set amount of carbon dioxide or the equivalent amount of a different greenhouse gas (tCO2e).
The Clean Development Mechanism (CDM) is a United Nations-run carbon offset scheme allowing countries to fund greenhouse gas emissions-reducing projects in other countries and claim the saved emissions as part of their own efforts to meet international emissions targets. It is one of the three Flexible Mechanisms defined in the Kyoto Protocol. The CDM, defined in Article 12 of the Protocol, was intended to meet two objectives: (1) to assist non-Annex I countries achieve sustainable development and reduce their carbon footprints; and (2) to assist Annex I countries in achieving compliance with their emissions reduction commitments.
A carbon footprint is the total greenhouse gas (GHG) emissions caused by an individual, event, organization, service, place or product, expressed as carbon dioxide equivalent (CO2e). Greenhouse gases, including the carbon-containing gases carbon dioxide and methane, can be emitted through the burning of fossil fuels, land clearance and the production and consumption of food, manufactured goods, materials, wood, roads, buildings, transportation and other services.
A carbon offset is a reduction or removal of emissions of carbon dioxide or other greenhouse gases made in order to compensate for emissions made elsewhere. Offsets are measured in tonnes of carbon dioxide-equivalent (CO2e). One ton of carbon offset represents the reduction or removal of one ton of carbon dioxide or its equivalent in other greenhouse gases. Offsets are viewed as an important policy tool to maintain stable economies and to improve sustainability. One of the hidden dangers of climate change policy is unequal prices of carbon in the economy, which can cause economic collateral damage if production flows to regions or industries that have a lower price of carbon—unless carbon can be purchased from that area, which offsets effectively permit, equalizing the price.
Flexible mechanisms, also sometimes known as Flexibility Mechanisms or Kyoto Mechanisms, refers to emissions trading, the Clean Development Mechanism and Joint Implementation. These are mechanisms defined under the Kyoto Protocol intended to lower the overall costs of achieving its emissions targets. These mechanisms enable Parties to achieve emission reductions or to remove carbon from the atmosphere cost-effectively in other countries. While the cost of limiting emissions varies considerably from region to region, the benefit for the atmosphere is in principle the same, wherever the action is taken.
The Carbonfund.org Foundation is a 501(c)(3) not-for-profit organization based in East Aurora, NY that provides carbon offsetting and greenhouse gas reduction options to individuals, businesses, and organizations. Carbonfund.org Foundation purchases and retires certified carbon offsets on behalf of its donors. Donors are given a choice of project type to which they may donate, including renewable energy, reforestation, and energy efficiency projects. Carbonfund.org Foundation sources carbon credits verified by the Verra carbon standard and Gold Standard. The organization has helped develop four Reducing Emissions from Deforestation and Degradation (REDD+) projects in Brazil under the VERRA and Climate, Community and Biodiversity standards.
TerraPass is a social enterprise that provides carbon offsetting products to individuals and businesses. Headquartered in San Francisco, California, TerraPass uses proceeds from member purchases to fund greenhouse gas reduction projects such as wind farms and methane digesters. TerraPass products include passes to offset car, flight, home, business, and wedding emissions.
The Gold Standard (GS), or Gold Standard for the Global Goals, is a standard and logo certification mark program for non-governmental emission reductions projects in the Clean Development Mechanism (CDM), the Voluntary Carbon Market and other climate and development interventions. It is published and administered by the Gold Standard Foundation, a non-profit foundation headquartered in Geneva, Switzerland. It was designed with an intent to ensure that carbon credits are real and verifiable and that projects make measurable contributions to sustainable development. The objective of the GS is to add branding, with a quality label, to carbon credits generated by projects which can then be bought and traded by countries that have a binding legal commitment according to the Kyoto Protocol, businesses or other organizations for carbon offsetting purposes.
Certified Emission Reductions (CERs) are a type of emissions unit issued by the Clean Development Mechanism (CDM) Executive Board for emission reductions achieved by CDM projects and verified by a DOE under the rules of the Kyoto Protocol.
ClimateCare is a profit for purpose environmental and social impact company known for its role providing carbon offset services, with a particular focus on using carbon and other results based finance to support its 'Climate+Care Projects'. It also provides businesses and governments with sustainable development programmes, environmental and social impact measurement and project development.
EcoSecurities is a company specialised in carbon markets and greenhouse gas (GHG) mitigation projects worldwide. EcoSecurities specialises in sourcing, developing and financing projects on renewable energy, energy efficiency, forestry and waste management with a positive environmental impact.
myclimate was spun off from the Swiss Federal Institute of Technology Zurich in 2002 as a nonprofit climate protection organisation based in Switzerland to enable climate protection with economic mechanisms such as price-tagging carbon dioxide and integrating the externality into the market. They promote climate protection on three levels: avoidance techniques such as capacity building and teaching, reduction and carbon offsetting. myclimate advocates for the development of a carbon market while setting new standards in carbon emissions and in designing a sustainable society.
The International Carbon Reduction and Offset Alliance is a non-profit membership organisation which promotes best practice across the voluntary carbon market. ICROA’s membership consists of those established carbon reduction and offset providers based in the United States, European and Asia-Pacific markets which commit to the ICROA Code of Best Practice.
Personal carbon credits are carbon credits created and owned by individuals who reduce their green house gas (GHG) emissions by a real and verifiable amount. Individuals cause GHG emissions from a variety of direct and indirect activities including transportation use, electrical use and home heating and cooling. Verifiable reductions in GHG emissions are aggregated into 1 metric ton increments and they become personal Carbon Credits. There are many firms that are creating applications to efficiently measure and track these emissions, while providing options to purchase and offset personal emissions.
Emissions Reduction Currency Systems (ERCS) are schemes that provide a positive economic and or social reward for reductions in greenhouse gas emissions, either through distribution or redistribution of national currency or through the publishing of coupons, reward points, local currency, or complementary currency.
The Climate, Community & Biodiversity Alliance (CCBA) is an initiative led by Conservation International, CARE, The Nature Conservancy, Rainforest Alliance, and the Wildlife Conservation Society to promote the development of land management activities.
Pedro Moura Costa is an entrepreneur involved in environmental finance with a focus on the international efforts for greenhouse gas (GHG) emission reductions. Of particular relevance, he was the founder and President of EcoSecurities Group Plc., one of the leading project developers for the international carbon markets, and has written widely about the policy and science of climate change mitigation, including contributions to the Intergovernmental Panel on Climate Change (IPCC) reports.
The Verified Carbon Standard (VCS), or Verra, formerly the Voluntary Carbon Standard, is a standard for certifying carbon emissions reductions. VCS is administered by Verra, a 501(c)(3) organization.
Environmental certification is a form of environmental regulation and development where a company can voluntarily choose to comply with predefined processes or objectives set forth by the certification service. Most certification services have a logo which can be applied to products certified under their standards. This is seen as a form of corporate social responsibility allowing companies to address their obligation to minimise the harmful impacts to the environment by voluntarily following a set of externally set and measured objectives.
Global Carbon Council (GCC), formerly known as Global Carbon Trust (GCT), is MENA region's first voluntary carbon offsetting program. It facilitates global stakeholders in implementing climate actions through provision of voluntary carbon offsetting program.
References
- ↑ Hamilton, Katherine; Sjardin, Milo; Peters-Stanley and, Molly; Marcello, Thomas (2010-06-14). Building Bridges: State of the Voluntary Carbon Markets 2010 (PDF). Ecosystem Marketplace & Bloomberg New Energy Finance. Retrieved 2010-10-18.
Credits sourced specifically for the OTC market are often generically referred to as Verified (or Voluntary) Emission Reductions (VERs) (p 9)
- ↑ "Verified Emission Reductions". First Climate. 2010. Retrieved 2010-10-18.
A VER project has its GHG emission reductions certified under a voluntary certification process. VERs (Verified Emission Reductions) can be traded on the so-called voluntary carbon market
- ↑ "VER - Verified Emission Reduction". Glossary. Ireland: EcoSecurities Group plc. Retrieved 2010-10-19.
- ↑ "Developing voluntary market projects to produce Verified Emission Reductions (VERs) - VER Projects". EcoSecurities Group plc. Retrieved 2010-10-19.
- ↑ "Sources of VERs, Types of VER, Land use change, Carbon Capture storage, biofuels, Forestry, Afforestation". CDM Update. Retrieved 2010-10-19.
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