The Science Based Targets initiative (SBTi) is a collaborative effort between the United Nations Global Compact, the World Resources Institute, the World Wide Fund for Nature, and CDP. It aims to mobilize companies to set science-based targets to reduce greenhouse gas emissions and limit global warming to well below 2 degrees Celsius above pre-industrial levels.
As part of its ongoing efforts, the SBTi has recently launched an initiative to gather evidence on specific carbon credits. Carbon credits are a key tool in the fight against climate change, as they allow companies to offset their emissions by investing in projects that reduce or remove greenhouse gases from the atmosphere.
However, not all carbon credits are created equal. There are concerns about the credibility and effectiveness of some carbon offset projects, as they may not deliver the expected emissions reductions or contribute to sustainable development. This is where the SBTi’s new initiative comes into play.
The SBTi is seeking evidence on specific carbon credits to ensure that they meet rigorous criteria and can be trusted as legitimate offsets. The initiative aims to assess the quality and integrity of carbon credits by evaluating their additionality, permanence, and avoidance of double counting.
Additionality refers to the concept that a carbon credit project should result in emissions reductions that would not have occurred without the project’s implementation. This criterion ensures that companies are not claiming credits for actions they would have taken anyway.
Permanence is another crucial factor. It ensures that the emissions reductions achieved through a carbon credit project are long-lasting and will not be reversed in the future. For example, planting trees to absorb carbon dioxide can be an effective offset, but if those trees are cut down after a few years, the emissions reduction benefits are lost.
Avoidance of double counting is also essential. It ensures that a carbon credit is not claimed by multiple parties for the same emissions reduction. This criterion prevents the inflation of emission reduction claims and maintains the integrity of the offset market.
By gathering evidence on specific carbon credits, the SBTi aims to provide companies with a reliable and transparent framework for selecting high-quality offsets. This will enable companies to make informed decisions when investing in carbon credits and ensure that their emissions reduction efforts are credible and effective.
The SBTi’s initiative is expected to contribute to the overall credibility and integrity of the carbon offset market. It will help companies avoid greenwashing and ensure that their climate actions align with the goals of the Paris Agreement.
In conclusion, the SBTi’s initiative to gather evidence on specific carbon credits is a significant step towards ensuring the credibility and effectiveness of carbon offset projects. By evaluating the additionality, permanence, and avoidance of double counting, the SBTi aims to provide companies with a reliable framework for selecting high-quality offsets. This will contribute to the global efforts to combat climate change and achieve a sustainable future.
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