ICROA Press Release
3 June 2011: On the final day of Carbon Expo, the world’s largest international gathering of emissions trading enthusiasts, the International Emissions Trading Association (IETA) announced the incorporation of the International Carbon Reduction and Offset Alliance (ICROA), a voluntary market trade body that focuses on standard-setting and self regulation.
IETA sees the voluntary market as a pioneer that is moving in new and exciting directions, especially around REDD and other land use activities. The association has decided that it is time to get back in the voluntary market space in a major way. In looking toward the post-2012 world, and the possible fragmentation of emissions markets, IETA sees a stronger role for the voluntary market and for organisations that provide assurance about environmental quality and help to harmonize offsetting practices.
At a joint press conference with ICROA today, Henry Derwent President and CEO of IETA said that, “Innovation and flexibility are great attributes of the voluntary market. IETA sees the integration of ICROA and the reintroduction of an internal voluntary market working group as a chance to bring market players together to provide an even stronger base for the already expanding voluntary market.”
ICROA was set up in 2008 as a non-profit alliance of international carbon reduction and offset providers that advocate for strong industry standards in the voluntary market space. Members include Climate Care, First Climate, Carbon Clear, BP Target Neutral, Eco Act, Carbon Neutral Company, Climate Friendly, Climacount, CO2Balance, Climate Neutral Group.
Edward Hanrahan and Sascha Lafeld – co-chairs of ICROA said today: “This is an important day marking IETA’s recognition of the voluntary carbon market as a significant means to reduce global carbon emission reductions. The Voluntary Market reaches sectors that are not currently covered by regulated frameworks, as well as plays a pioneering role in the development of innovative new project methodologies and financial structures. IETA is the largest international carbon market association in the world; representing the world’s most active emission reduction project developers, both in the voluntary and compliance markets. It’s clear that the breadth of experience that IETA member companies collectively hold will help us to innovate, to expand ICROA’s activities to the next level and to accelerate the growth of the market.
IETA – Making markets work for the environment
ICROA members adhere to the ICROA Code of Best Practice, which lays out rules for measuring carbon footprints, setting emissions targets, and the use of carbon offset standards. The code gives consumers confidence that companies are operating to robust procedures and that implemented carbon strategies are credible where emissions reductions are real, measureable, permanent, additional and independently verified. IETA members will now be able to join ICROA members in adhering to this code.
IETA’s decision to incorporate ICROA is a very positive step towards raising the profile and benefits of the voluntary carbon market as a complement to compliance regimes in reducing global GHG emissions. As a result of this integration, all ICROA members will be incorporated into IETA. IETA plans to revive a voluntary carbon market working group for IETA members, which will then further develop the ICROA code of practice, among other activities to represent its members in the voluntary carbon market space.
ENDS
Press Contact Details:
IETA President & CEO: Henry Derwent
Tel: +41 78 879 56 42
Derwent@ieta.org
ICROA Spokesperson: Edward Hanrahan, ClimateCare
Tel: +44 (0) 7900 566 210
edward.hanrahan@jpmorganclimatecare.com
ICROA Programme Manager: Sophy Greenhalgh
Tel: +44 (0) 7967 428 247
sgreenhalgh@icroa.org
About IETA:
IETA has been the leading voice of the business community on the subject of carbon markets since 2000. IETA's 160 member companies include some of the world's leading corporations, including global leaders in oil, electricity, cement, aluminum, chemical, paper, and other industrial sectors; as well as leading firms in the data verification and certification, brokering and trading, legal, finance, and consulting industries.
About ICROA:
The International Carbon Reduction and Offset Alliance (ICROA), is a not-for-profit alliance of leading carbon reduction and offset providers. It provides leadership and a unified voice advocating for rigorous industry standards. ICROA members support a “reduce and offset” approach to carbon management. Members have adopted the ICROA Code of Best Practice and must report transparently on their compliance with the Code at the end of each year.