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The United Nations’ Intergovernmental Panel on Climate Change (IPCC) developed a proposal for carbon credits to reduce carbon emissions worldwide in a 1997 agreement known as the Kyoto Protocol. The agreement set binding emission reduction targets for signatory countries.
For developing countries, the separate Clean Development Mechanism issued Certified Emission Reduction (CER) carbon credits. A developing country can receive these credits to support sustainable development initiatives.
Carbon credits are permits that allow the holder to emit a certain amount of carbon dioxide or other greenhouse gases (GHGs). One credit allows the emission of one ton of carbon dioxide or the equivalent of other greenhouse gases.
Carbon credits were designed as a mechanism to reduce greenhouse gas emissions by creating a market where companies can trade in emission permits. Companies receive a set number of carbon credits under the system, which decreases over time. They can sell the surplus to other companies.
Calculating
In order to receive your Carbon Credit, you must first calculate your corporate greenhouse gas (carbon emission) footprint through internationally recognized methodologies.
Verification
The next stage requires GHG footprint verification by an independent verification organization.
Certification
Finally, carbon neutralization projects are prepared, the certification process is completed and third party certified carbon reduction credits are issued.
There is a growing demand from companies for decarbonized commodities, products or services based on corporate environmental targets, pressure from financiers towards customer demands.
Carbon Offset Certification provides a robust certificate and label that companies can pass on to partners to ensure the high quality and credibility of environmental claims based on best practices and recognized standards, thus avoiding the risk of criticism and backlash. It is also mandatory for some sectors to have these certificates in order to sell to European Union countries.
Purchasing carbon credits can support the development of carbon projects as well as the ongoing monitoring, reporting and verification necessary to sustain the project on an ongoing basis. Carbon revenue creates incentives for unregulated, high-carbon emitting industries to implement emission reduction or removal activities that go beyond “business as usual” practices.
Unfortunately, there is no single governing body that approves carbon offsets. Instead, a collection of third-party non-profit companies check carbon offset claims, make sure they are valid and verify carbon offsets.
Some of the larger non-profit organizations that verify carbon offsets include
