How to become Net Zero 3: Building a long-term climate compensation strategy
Published 28th September 2020 by ClimateCare
All IPCC pathways for 1.5 degrees include removing large volumes of carbon from our atmosphere, as well as reducing emissions.
In total, we need to reduce net emissions by over 50% by 2030. In order to do that, Mark Carney’s recently launched task force estimates that the voluntary carbon market needs to scale supply, increasing up to 160 times the volume of emissions reductions currently generated.
As a result of increasing demand, supply of carbon credits from both removals and avoidance projects is shortening and FitchRatings predict demand will put pressure on supply by 2025. We think it will be before than time.
At ClimateCare, we are already working with our clients to develop long term strategies that maintain a company’s Carbon Neutral status, whilst at the same time making effective investment to support the growth of carbon reduction (avoidance and removal) projects.
This involves investing now to scale existing projects and to develop new ones – from renewable energy and reforestation, to mangrove creation and restoring peatland.
Investing in new project development will help secure your future supply of carbon credits, manage your price risk, demonstrate your commitment to climate action and provide compelling communications.
It’s essential that all carbon reduction projects you support meet the highest international standards to ensure projects are effective.
ClimateCare (recently voted the best project developer in the voluntary carbon market) is ICROA registered and applies the robust methodologies and independent verification processes of the voluntary carbon market to its projects, working with organisations including the Gold Standard and Verra. It also works with other emerging national standards including the Woodland Carbon Code and Peatland Carbon Code, and is a signatory and supporter of the Together With Nature principles, that set best practice for implementing Nature Based Solutions.
All companies should act immediately to reduce their emissions and go Climate Neutral – even whilst they work out the detail of their carbon measurement and target setting. They should also invest now in low carbon business and carbon compensation strategies.
And, there is no reason to stop at Net Zero.
Businesses like Microsoft are already leading the way and voicing carbon negative targets and committing to measure and offset historical emissions. The more that all of us can do to reduce emissions, and the quicker we can remove them from our atmosphere, the better.
The voluntary carbon market Needs to scale up supply