CONSULTATION
In June, Gold Standard published a new policy brief Operationalising and Scaling Post-2020 Voluntary Carbon Market for public consultation. The document captures our proposals for ensuring the voluntary carbon market continues to catalyse new, ambitious climate action as the rulebook for the Paris Agreement comes into force in 2021.
In response to questions raised to date, we take this opportunity to clarify: Gold Standard does not and will not require corresponding adjustments for all projects in the voluntary market.
Project developers can continue to develop and certify projects for VER issuance as normal, regardless of ability to secure corresponding adjustments. Yet we draw attention to the following stipulations:
- Corresponding adjustments will be required for CORSIA-eligible credits, for 2021 and beyond vintages, effective 01 January 2021. Because of this requirement, credits that have corresponding adjustments and those that do not will be flagged or otherwise differentiated in our registry. This is expected to be the case for any standard that is recognised in CORSIA.
- Double claiming poses a risk to environmental integrity, this and the way it will be governed is outside the control of standards or project developers. We therefore support a transition to a future state when corresponding adjustments are required IF buyers of credits seek to make the following or similar claims:
- Offsetting or compensation – in reference to an activity
- Carbon neutral or climate neutral – as a claim toward an aggregate commitment or impact
- Corresponding adjustments will also be made available to accessing markets that explicitly require them or for host countries that legally require them, for any reason (like CORSIA).
- In this future state, companies buying credits without corresponding adjustments would not be able to make claims to offset / compensate for their own emissions. They will be able to claim they have financed emission reductions. This position reflects the view of the majority of thought leaders, civil society and expert observers of voluntary carbon markets.
- Gold Standard is working with NGO partners to ensure integrity in offsetting to allow that market to scale, particularly as part of an ambitious corporate strategy (i.e. 'beyond' Science Based Targets trajectories).
- We are also working with NGO partners to mainstream advocacy for alternative claims to offsetting, like having financed emission reductions. There is significant civil society receptivity to these alternative claims, which can unlock even more potential for companies taking climate action using the voluntary carbon market.
- Gold Standard, with NGO and industry partners, intends to advocate for and define a clear transition period to new rules, including expectations around claims, and support for stakeholders.
Following the consultation process, we will provide indicative timing for next steps, including a proposed transition process.
As a reminder consultation is open through 17 August 2020.
The consultation and policy brief can be found here: Operationalising and Scaling Post-2020 Voluntary Carbon Market
Comments are welcome at standards@goldstandard.org.
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