This Week In V-Carbon: Canada Fights ODS With Carbon Credits
A Canadian developer becomes the first to receive carbon credits for ozone depleting substances while three new forest carbon projects have been registered under the VCS-one of which is in the Brazilian Amazon. Meanwhile, Australia's Carbon Trade Exchange extended its reach to the US with a new exchange in Texas.
This article originally appeared in the V-Carbon newsletter. Click here to view the original.
26 June 2012
|The Spanish version of the Executive Summary for our 2012 State of the Voluntary Carbon Markets Report
is now out! It can be downloaded here
along with the full report in English.
Coming out of Rio+20, leading companies like Allianz, PPR, Eneco, Entega, and Nedbank made voluntary pledges to support high-quality projects under the Code REDD campaign, which is being spearheaded by project developer Wildlife Works. Ecosystem Marketplace covered the campaign launch here.
In the US, a new player emerged last Thursday when the voluntary Texas Climate & Carbon Exchange (TCCX) opened its doors in partnership with the Australia-based Carbon Trade Exchange (CTX). New York and New Hampshire continue their membership in the Regional Greenhouse Gas Initiative (RGGI) despite challenges, while California's ARB has emerged from one lawsuit only to fall under a new EPA complaint.
Up north, Canada is exploring a number of new avenues. Quebec developer Blue Source Canada has become the first company to receive carbon credits for destroying ozone-deleting substances (ODS) from old fridges, generating units it hopes will gain acceptance under the emerging Western Climate Initiative (WCI) market. The Coastal First Nations are embarking on a massive new project in BC's Great Bear Rainforest - the first to follow the BC Forest Carbon Offset Protocol, which the province is seeking acceptance for under VCS. Innovation is also gracing BC's compliance markets, with new bio-coal and ERC offset types being incubated by the Pacific Carbon Trust.
Three new forest carbon projects have recently registered under the Verified Carbon Standard (VCS) - two in Louisiana river basins spearheaded by The Nature Conservancy, and one in the Brazilian Amazon developed by 33 Forest Capital and Cikel. Also in Brazil, Bunge and Florestal Santa Maria are partnering on a REDD project in Mato Grosso, working in alignment with VCS.
Forests continue to gain a foothold in the carbon offset toolkit, as voluntary market methodologies and reporting systems become increasingly comprehensive - whether through expansion, as in the case of the Gold Standard rolling out a new land use and forestry program in response to stakeholder lobbying - or through consolidation, as seen with The Forest Footprint Disclosure Project uniting with the Carbon Disclosure Project to create the largest linkage of data on natural capital to date.
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