![]() That means using the carbon markets to accelerate action. At the launch of a US initiative to use the voluntary carbon markets to drive energy transition in Africa, US special presidential envoy for climate John Kerry said that the science shows that urgent action is required on emissions but, he added: “No government in the world has the money to get the job done.” Despite the call, carbon markets are centre stage at COPĬarbon markets are being touted as solutions to many of the climate, development and nature challenges at COP however. Overall it is a clear call for fewer, high-integrity carbon credits in order to ensure accelerated action that actually results in emissions reduction. It is good to see the emphasis on additionality, permanence and IPLC rights, along with the prioritisation of people and nature in the just transition.” Lucy Almond, Chair, Nature4Climate, said: “We welcome this report and its focus on the urgent, deep and wide-ranging emissions reductions that must be taken by any company before using carbon credits to support beyond value chain mitigation. Many corporate programs have used cheap carbon credits as offsets, where the credits in question either have little carbon impact or are based on projects which have ignored the rights of indigenous peoples on their own land. It’s not simply a call to action for the energy industry, but a wake-up call for much of the carbon markets. It leaves nowhere to hide for those businesses that are delaying or denying the need for urgent emission reductions.” What does this mean for the offset markets? Maria Mendiluce, CEO, We Mean Business Coalition, said: “This will make greenwashing easier to detect and allow those companies that are really delivering on climate action to stand out from the crowd. So-called ‘net-zero pledges’ that exclude core products and activities are poisoning our planet… the message is clear to all those managing existing voluntary initiatives – as well as CEOs, mayors, governors committing to net-zero: Abide by this standard and update your guidelines right away – and certainly no later than COP28.”īusinesses need clear standards and rules that define what net zero means and the High Level Expert Group’s recommendations should help bring integrity, transparency and accountability to the pledges and actions delivered by business. Gutteres said: “I also have a message to fossil fuel companies and their financial enablers. Business is on notice that transparency and accountability are key McKenna said: “Much of what we recommend is based on common sense and levelling up” and added that it was time to put a ‘red line’ around greenwash. ![]() Data and verifiable information will play a vital role and the report praised the launch of the Global Climate Portal. One of these was the importance of linking executive compensation to performance on a climate plan. There were wider recommendations to ensure accountability. Consistency in talk and action is a fundamental requirement of avoiding greenwash. It also means ensuring that every corporate action comes from a consistent base – that means that no company can call itself a climate leader and lobby against climate action. Critically it was also made clear that the entire value chain must be addressed in line with the science – that means credibility requires action on Scopes 1, 2 and 3. There is a role for the use of high-quality carbon credits but these must be seen as ‘in addition’ to emissions cuts.įocusing on carbon, the report makes clear that carbon intensity reductions are not enough, where carbon is measured by the amount of CO2e is release per unit of output – rather emissions must be reduced in an absolute way. It is also clear that companies cannot use cheap carbon credits to reach net zero instead of working on its own emissions – the first priority must be internal cuts. No one can consider themselves net zero if they build or invest in new oil and gas, or are involved in deforestation. She said that the report is clear on what constitutes credibility and what will be considered greenwashing.
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