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Carbon Credits
What Are Carbon Credits?
A carbon credit is an important tool in mitigating the effects of climate change. A single credit represents the reduction of one tonne of carbon dioxide from the atmosphere. Considering that we need to dramatically reduce our levels of carbon dioxide, back to 1990 levels, we need to drastically reduce our carbon dioxide emissions.
One way to do this is to offset our emissions through the purchase of carbon credits. For example if your carbon footprint is 10 tonnes then you would need to purchase 10 carbon credits to be considered "carbon neutral", you would have a zero carbon footprint.
Carbon credits, sometimes called carbon offsets, are used mandatorily in the European Union on a country level. While in North America they are used in what is called the Voluntary Market, it is not mandatory to offset your carbon emissions.
Regardless of where the carbon credits are being purchased, mandatory or voluntary, they can be derived in many different ways. Here is a list of the more popular ways that carbon offsets are being created:
Land Use, Land Use Change and Forestry (Planting Trees) - focus on natural carbon sinks such as trees, forest and soil. Deforestation accounts for 20-25% of carbon emissions and needs to either be prevented or have new forests planted to as a substitute.
Avoided Deforestation is the protection of existing forests.
Afforestation is the process of creating new forests on land that was previously not in use.
Reforestation is the action of restoring forests on land where forests used to exist.
Methane Collection and Combustion - the process of combustion or containment of methane generated by landfills, farm animals or other industrial waste. Methane has 23 times the global warming potential (GWP) than carbon dioxide. When combusted each methane molecule become a single molecule of carbon dioxide, reducing the climate change effect by 96%.
Renewable Energy - these offsets typically come from solar power, wind power, biofuel and hydroelectric power. The credits are generated based on the amount of "dirty" (coal) energy being displaced.
Destruction of Industrial Pollutants - industrial pollutants such as hydrofluorocarbons (HFCs) and perfluorocarbons (PFCs) have a GWP many thousands of times greater than carbon dioxide. Because these pollutants are easily captured and destroyed at their source, they present a large and low-cost source of carbon offsets.
Voluntary Market
In North America there is no mandatory carbon trading scheme. All carbon credits that are bought are all done voluntarily. Currently a majority of carbon offsets are purchased by responsible companies and organizations who are trying to be in accordance with their company's CSR. Individuals as well are offsetting their carbon footprint by purchasing individual carbon credits. There are many companies who create carbon credits and are willing to sell them in a voluntary manner.
As the carbon market matures in North America, more regulation is on the way. There are already many carbon taxes in different jurisdictions and many experts feel that it is just a matter of time until carbon emission reduction becomes law and is mandatory. The only question is exactly how is this going to look, a carbon tax or an EU-like cap and trade system?
Regardless of how this plays out the responsible thing to do, as a company or individual, is to reduce our carbon emissions and carbon footprint as much as possible. This can be done in many ways and one way is to offset your footprint with carbon credits. However, the most important step is to reduce your carbon footprint as much as possible before you buy offsets. Not only is this the best way to live your life but it will also save you money in many ways. Check out our "Living Green" section to find out to make simple changes to live a more carbon friendly lifestyle.
European Union Carbon Trading Scheme
In the EU, carbon trading is done at the national level. It is the largest multinational emissions trading scheme in the world. Within the EU, large emitters must monitor and report their annual CO2 emissions.
To keep it simple and without an overload of 3 letter acronyms, each country in the EU has an emission limit. If a country is over its limit, it is required to purchase offsets to bring down its emissions to the required level. On the other hand, if a country is over its limit then it can sell the balance up to its limit.
Purchasing Carbon Credits
All you have to do is Google carbon credits to see that there is some controversy regarding the validity of carbon offsets. There is legitimate concern as to the protection of consumers and businesses alike to make sure that when they purchase carbon credits that they are legitimate.
Fortunately as the carbon market matures, there are an increasing number of organizations willing to do what they can to help in a self regulated market. Probably the biggest step in the maturing of the voluntary carbon market is the introduction of well known and legitimate carbon standards. These standards have been introduced and are now being supported by large 3rd party verifiers and carbon registries alike.
The first step in purchasing a carbon credit is to make sure that it is using a popular standard and has been verified by a credible 3rd party. Be careful of offsets that don't offer to give you the standard they used or if they claim to use a specific standard, they won't give you the name of the 3rd party verifier.
The second step is to make sure that the offsets are coming from a legitimate source. A person who plants 4 trees in his garden is unlikely to be given verification from a qualified 3rd party verifier to be able to sell his carbon credits. There are many people who seem to have good intentions but unless those credits have been properly verified, stay away!
The third step in the process is something called "additionality". Basically this means that the carbon credit project would not have happened if it wasn't for the carbon credits. This ensures that the project was put into place to mitigate the effects of climate change and isn't just the side effect of generating electricity from my stationary bike.
One other thing to consider is price. Depending on the source of the carbon credits and the standards used, prices can vary considerably. Make sure, just like any purchase, that you are comparing apples to apples.
Simple Steps to Purchasing Carbon Credits
Check the standard of the carbon credit and who verified the standard.
Be sure that the offsets are coming from a legitimate source.
Check into the additionality of the project.
Popular Carbon Standards
Voluntary Carbon Standard (VCS)
Gold Standard
Climate, Community and Biodiversity Alliance (CCBA)
InternationaI Organization for Standardization (ISO)
There are many more but these are popular at this time. Please see here for more information on the Carbon Standards listed above.
If you would like to calculate your carbon footprint, please go to our carbon footprint calculator.
Carbon Credits
What Are Carbon Credits?
A carbon credit is an important tool in mitigating the effects of climate change. A single credit represents the reduction of one tonne of carbon dioxide from the atmosphere. Considering that we need to dramatically reduce our levels of carbon dioxide, back to 1990 levels, we need to drastically reduce our carbon dioxide emissions.
One way to do this is to offset our emissions through the purchase of carbon credits. For example if your carbon footprint is 10 tonnes then you would need to purchase 10 carbon credits to be considered "carbon neutral", you would have a zero carbon footprint.
Carbon credits, sometimes called carbon offsets, are used mandatorily in the European Union on a country level. While in North America they are used in what is called the Voluntary Market, it is not mandatory to offset your carbon emissions.
Regardless of where the carbon credits are being purchased, mandatory or voluntary, they can be derived in many different ways. Here is a list of the more popular ways that carbon offsets are being created:
Voluntary Market
In North America there is no mandatory carbon trading scheme. All carbon credits that are bought are all done voluntarily. Currently a majority of carbon offsets are purchased by responsible companies and organizations who are trying to be in accordance with their company's CSR. Individuals as well are offsetting their carbon footprint by purchasing individual carbon credits. There are many companies who create carbon credits and are willing to sell them in a voluntary manner.
As the carbon market matures in North America, more regulation is on the way. There are already many carbon taxes in different jurisdictions and many experts feel that it is just a matter of time until carbon emission reduction becomes law and is mandatory. The only question is exactly how is this going to look, a carbon tax or an EU-like cap and trade system?
Regardless of how this plays out the responsible thing to do, as a company or individual, is to reduce our carbon emissions and carbon footprint as much as possible. This can be done in many ways and one way is to offset your footprint with carbon credits. However, the most important step is to reduce your carbon footprint as much as possible before you buy offsets. Not only is this the best way to live your life but it will also save you money in many ways. Check out our "Living Green" section to find out to make simple changes to live a more carbon friendly lifestyle.
European Union Carbon Trading Scheme
In the EU, carbon trading is done at the national level. It is the largest multinational emissions trading scheme in the world. Within the EU, large emitters must monitor and report their annual CO2 emissions.
To keep it simple and without an overload of 3 letter acronyms, each country in the EU has an emission limit. If a country is over its limit, it is required to purchase offsets to bring down its emissions to the required level. On the other hand, if a country is over its limit then it can sell the balance up to its limit.
Purchasing Carbon Credits
All you have to do is Google carbon credits to see that there is some controversy regarding the validity of carbon offsets. There is legitimate concern as to the protection of consumers and businesses alike to make sure that when they purchase carbon credits that they are legitimate.
Fortunately as the carbon market matures, there are an increasing number of organizations willing to do what they can to help in a self regulated market. Probably the biggest step in the maturing of the voluntary carbon market is the introduction of well known and legitimate carbon standards. These standards have been introduced and are now being supported by large 3rd party verifiers and carbon registries alike.
The first step in purchasing a carbon credit is to make sure that it is using a popular standard and has been verified by a credible 3rd party. Be careful of offsets that don't offer to give you the standard they used or if they claim to use a specific standard, they won't give you the name of the 3rd party verifier.
The second step is to make sure that the offsets are coming from a legitimate source. A person who plants 4 trees in his garden is unlikely to be given verification from a qualified 3rd party verifier to be able to sell his carbon credits. There are many people who seem to have good intentions but unless those credits have been properly verified, stay away!
The third step in the process is something called "additionality". Basically this means that the carbon credit project would not have happened if it wasn't for the carbon credits. This ensures that the project was put into place to mitigate the effects of climate change and isn't just the side effect of generating electricity from my stationary bike.
One other thing to consider is price. Depending on the source of the carbon credits and the standards used, prices can vary considerably. Make sure, just like any purchase, that you are comparing apples to apples.
Simple Steps to Purchasing Carbon Credits
Popular Carbon Standards
- Voluntary Carbon Standard (VCS)
- Gold Standard
- Climate, Community and Biodiversity Alliance (CCBA)
- InternationaI Organization for Standardization (ISO)
There are many more but these are popular at this time. Please see here for more information on the Carbon Standards listed above.If you would like to calculate your carbon footprint, please go to our carbon footprint calculator.