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How business-backed rules on natural climate solutions can help increase the credibility of carbon credits

The new guidance aims to help companies incorporate natural climate solutions into their climate strategies in a reliable way, while helping them develop a strong carbon market.

Business leaders have worked together to develop guidance for companies seeking to integrate Natural Climate Solutions (NCS) into their sustainability strategies to help them achieve their Net Zero and Nature Maintenance goals. ..

guidance, Published yesterday The World Business Council for Sustainable Development (WBCSD) and the World Economic Forum (WEF) have set a set of principles for companies seeking to integrate natural climate solutions into their sustainability strategies. Corporate contributions to climate goals rather than dilution. Therefore, the guidance emphasizes that companies should prioritize absolute emission reductions before investing in NCS credits.

Document entitled Natural climate solutions for businessesAlso emphasizes that natural climate solutions should be seen as an interim solution for companies to compensate for difficult-to-reduce emissions, rather than as a permanent fix for climate planning. “NCS credits should be seen as a solution that has the potential to support sustainable land use in the long run,” he said.

Carbon project developers need to follow sound and validated carbon measurement and accounting methodologies and implement projects that apply rigorous environmental and social protection measures. Guidance notes are designed to provide a framework for providing a robust carbon market based on high quality nature projects. Benefits climate, biodiversity and communities.

The NCS Alliance, a coalition of more than 40 civil society and business leader stakeholders behind the report, hopes the guidelines will help maximize the potential of natural climate solutions. Said.

The report notes that investment in NCS activities is now well below the level required to achieve full climate mitigation potential in the early markets, and the voluntary carbon market in 2019. The $ 170 million invested in is just a fraction of the $ 10 billion target set by some analysts for the $ 100 billion target for 2030.

Thomas Lingard, Director of Global Climate and Environment at Unilever and a member of the NCS Alliance Steering Committee, is a natural climate solution from business driven by growing concerns about deforestation, biodiversity loss and climate change. He pointed out that the new rules are timely in response to growing interest in.

“Emission reduction channels, net zero targets, carbon credits, and the complexity surrounding corporate claims are barriers to action for many companies,” he said. “We need good guidance to help businesses develop climate strategies.”

Maria Mendiluce, CEO of the We Mean Business Coalition, said NCS could support nearly one-third of the emission reductions needed in the last decade on a path in line with the less-expanded 2C warming target of the Paris Agreement. I emphasized that there is sex.

“The global community must drive business and policy action to halve emissions by 2030 and accelerate a comprehensive transition to a global net-zero economy by 2050,” she said. Said. “To get there, you need to go all-in in 2030. If you want to go all-in in 2030, you need to go all-in to natural climate solutions. This will allow 30% of climate solutions over the next 10 years. Can be unleashed. “

The voluntary carbon market has long been the subject of intense debate. Proponents argue that it provides a mechanism for achieving emission reductions, primarily through the protection and expansion of natural ecosystems, while at the same time promoting climate investment in developing countries and nature conservation. As a result, the sector has grown rapidly in recent years as more companies have become “carbon neutral” or are trying to reach their net-zero goals.

However, critics say that while expanding natural carbon sinks is essential, the carbon offset sector remains under-regulated and often struggles to achieve promised emission reductions. Warns that it can cover companies that are taking minimal steps to curb their emissions.

As a result, in recent years there has been a need to rapidly adopt more robust policing and governance mechanisms for this sector. Former Bank of England Governor Mark Carney is currently leading a task force on expanding the voluntary carbon market, looking for ways to increase market integrity to accelerate the flow of funds to emission reduction projects. Last week, suggestions on how to strengthen the market.. But Task Force work is a proposal that allows polluting companies to “greenwash continuous emissions at the right time the world needs to dramatically reduce” “get out of the jail-free card.” Those that have been criticized again by some environmental activists who warned that it would be.

But this week, the WEF and WBCSD promoted new guidance on NCS investment as a potential “game changer” in competition to raise funding for credible nature projects to help tackle climate change. “Using a suitable guardrail, Natural climate solutions for businesses, Private sector investment in NCS could be part of a transformation in the transition to a world where more than 9 billion people can live healthy within the boundaries of the planet, “said WBCSD’s former UK Energy for Climate and Energy. Claire O’Neill, Minister and Managing Director, said. program.

The debate over the benefits of natural climate solutions, nature-based solutions, and carbon offset credits has intensified, and this topic could emerge as a major flash point for the COP26 Climate Summit in Glasgow. However, companies looking to invest in nature to reach their Net Zero goals are wise to, at a minimum, follow the most robust and demanding guidelines available.

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https://www.businessgreen.com/news-analysis/4034550/business-backed-rules-natural-climate-solutions-help-bolster-carbon-credit-credibility How business-backed rules on natural climate solutions can help increase the credibility of carbon credits

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