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KEY DEVELOPMENTS
SUMMARY OF KEY DEVELOPMENTS IN 2022
A look back at the advancements implemented to help provide a better enabling environment for high-quality project development
Standard development
- Adoption of new or revised methodologies across land use & forests, community services and carbon dioxide removals, with 40+ in the pipeline for 2023
- Continued to streamline rules and procedures, including the preliminary review requirements to expedite the timeline and accelerate the process for projects
- Programme of Activity Requirements scope expansion to now include Land Use & Forestry projects
- Revised Claims Guidelines and Product Requirements for GHG Emission Reductions & Sequestration to reflect and support Article 6
- Increased staff numbers managing standards and methodological development, with plans to more than double size of the team by first half 2023.
Tools and support
- Introduction of SDG Impact Tool, with work underway on digitisation
- Article 6 Early Movers Programme, including communication updates of latest initiatives, technical support, and webinar series
- Created various emission reduction tools to ease methodology application for project developers
- New hires managing Market Relations, Government Relations, and Corporate Relations, with plans to hire regional support in Africa, Asia and Latin America
- Provided support, extended timelines, and other interim measures for project developers during COVID
- CEO-led roundtables with project developers in Q2 2022 and output report detailing next steps published.
Integration
- Launch of the Marketplace Integration Kit to enable API integration - a connection to exchange data - to the Gold Standard Marketplace
- MoU with Government of Singapore on use of Gold Standard credits under domestic carbon tax
- Work underway to develop an API to support connectivity with carbon market exchanges
- Consultation concluded on a framework to enable tokenisation of Gold Standard carbon credits on blockchain.
Innovation
Recognition
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Sustainable development and safeguard provisions recognised as market-leading by Oeko Institute and gender provisions by ASEAN Low Carbon Energy Programme
Assessed as leading global standard for principles and governance by EY, commissioned by Australian Climate Change Authority.
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CONSULTATION
VALIDATION AND VERIFICATION STANDARD
New standard requirements to improve consistency and quality of validation and verification processes for Gold Standard projects
To continue to support project development at the scale needed to keep up with market demand, we have created a new standard for validation and verification to act as a roadmap for more efficient, consistent and timely project assessments. The document provides the minimum requirements and procedures for Gold Standard Validation and Verification Bodies (GS VVBs) and Certification Bodies (CBs) to validate and verify standalone projects and Programmes of Activities (PoAs) that apply Gold Standard for the Global Goals and all earlier versions of the standard.
These new requirements will be supported with new standardised reporting templates to streamline services and enable more efficient, improved, and consistent reviews - including more specific, clearer, and timely feedback to project developers.
We are seeking feedback to ensure these new requirements are fit-for-purpose from VVBs and other related market actors until 11 January 2023. Please submit feedback directly via email to Anshika Gupta.
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CONSULTATION
DIGITISING VERIFICATION AND METHODOLOGIES
New digital approach to improve data quality, improve accessibility and resource mobilisation, and lower transaction costs for those delivering climate and development impact on the ground.
Gold Standard, IOTA Foundation and ClimateCHECK are working together in an Open Collaboration aimed at improving the supply side, demand side, and interoperability of the carbon market. In August 2022 they launched three working groups consisting of a broad range of stakeholders including market participants, technical experts and sustainability leaders to address these challenges and develop outputs for the public good. The Open Collaboration is supported by Google Charitable Giving.
On 13 December, consultations were launched on two draft proposals about the digital transformation of the Carbon Market: a White paper on digitising verification, and Draft guidance on digitising methodologies.
Both papers are open for consultation until 20 January 2023. You can submit your feedback via the online surveys below.
- Open Collaboration DMRV WG Survey of Draft White Paper for Digitizing Verification Survey.
- Open Collaboration DMRV WG Survey of Draft General Guidance for Digitising Methodologies Survey.
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MARKET OPPORTUNITIES
NEW MARKETS FOR GOLD STANDARD COOKSTOVE CARBON CREDITS
The first Gold Standard-only Standardised Contract for Cookstove Verified Emission Reductions (VERs) has been launched by AirCarbon Exchange
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The AirCarbon Household Offset Token (HOT) will allow Gold Standard project participants with improved cooking projects to list their credits on the Exchange, accessing a new set of clients from over 30 countries.
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If you have VERs available and would like to know more, please email the Air Carbon Exchange team.
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Meanwhile, CBL has launched a new Standardised Contract for Cookstove Verified Emission Reductions (VERs) from Gold Standard and Verra, with record trading on its first day
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The Sustainable Development Global Emissions OffsetTM (SD-GEOTM) allows for delivery of credits from cookstove projects with a minimum of five verified Sustainable Development Goal (SDG) impacts, including from projects registered under Gold Standard.
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The first day of trading saw a traded volume of 210,000MtCo2e, an all-time high for a CBL product launch.
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SURVEY
SURVEY: DIGITAL INNOVATIONS CHALLENGE
FOR CLEAN COOKING
The Clean Cooking Alliance and United Nations Capital Development Fund (UN CDF) join forces to create a digital innovations challenge for clean cooking
The aim of this challenge is to stimulate the discovery of innovative technology solutions across Asia and Africa that will accelerate the rate of financing and funding into clean cooking technologies and fuels. They have released a short survey to ascertain initial interest from technology providers and to confirm areas of operation to align phases of the challenge fund.
Deadline for responses is 31 January 2023 and the survey will take approximately 10 minutes to complete.
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WEBINAR
LISTEN BACK: TO THE LATEST ARTICLE 6 WEBINAR
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WEBINAR RECORDING
COP27: WHAT HAPPENED ON ARTICLE 6 AND CARBON MARKETS, AND (WHY) DOES IT MATTER?
Gold Standard and a panel of market experts look at the final decisions adopted on Article 6, as well as other announcements made by governments, regulators, and the private sector over the course of COP27 and discuss what these mean for the development of carbon markets, both voluntary and compliance.
RECORDED
15 November 2022
VIEW WEBINAR
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THOUGHT LEADERSHIP
THE MITIGATION CONTRIBUTION UNDER ARTICLE 6: KEY UNDERSTANDINGS AND WHAT IT MEANS FOR THE VCM
“What should we make of the ‘mitigation contribution’ concept that was adopted in the Article 6 Decision, and what does this mean for the voluntary carbon market?”
Gold Standard’s Head of Markets, Hugh Salway, has written an article on one of the more significant outcomes from Article 6 negotiations at COP27: the new concept of a ‘mitigation contribution’ unit. The article covers the key understandings and what it means for the Voluntary Carbon Market.
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