Best practice principles on carbon credits
All emission reductions and removals—and the project activities that generate them—shall be proven to have genuinely taken place.
All emission reductions and removals shall be quantifiable, using recognized measurement tools (including adjustments for uncertainty and leakage), against a credible emissions baseline.
Carbon credits shall represent permanent emission reductions and removals. Where projects carry a risk of reversibility, at minimum, adequate safeguards shall be in place to ensure that the risk is minimized and that, should any reversal occur, a mechanism is in place that guarantees the reductions or removals shall be replaced or compensated. The internationally accepted norm for permanence is 100 years.
Additionality is a fundamental criterion for any offset project. Project-based emission reductions and removals shall be additional to what would have occurred if the project had not been carried out.
All emission reductions and removals shall be verified to a reasonable level of assurance by an independent and qualified third-party.
No more than one carbon credit can be associated with a single emission reduction or removal as one (1) metric ton of carbon dioxide equivalent (CO2e). Carbon credits shall be stored and retired in an independent registry.
And as a member of ICROA we commit to their Code of best Practice
- Perform carbon measurement in accordance with international standards (e.g. WRI/WBCSD GHG Protocols and ISO 14064)
- Encourage clients to set challenging targets to go beyond business-as-usual
- Encourage clients to assess emission reduction opportunities and prioritise cost-effective actions
- Use credible carbon credits in accordance with international standards and programs (refer to next section for list of permitted sources of carbon credits)
- Use third-party registries to retire and remove carbon credits used for offsetting
- Encourage clients to communicate their carbon status and footprints, including emissions associated with the organisation, product, service or event, as well as details about actions to reduce and offset emissions
We must comply with the above ‘Code of Best Practice’ and be audited annually by an independent body: Climate Check. Find our latest audit statement here.