The Sceptre Group blog reports on the latest industry news. For more information, visit Sceptre Group’s website at www.sceptreinternational.com.
Newly approved VCS Redd accounting rules will enable a range of projects to issue carbon credits.
The Voluntary Carbon Standard (VCS), a global benchmark for issuing carbon offset credits, announced Tuesday it approved a methodology that can be used for projects curbing planned and unplanned deforestation caused by extracting wood for fuel.
“It creates a clear pathway for the conservation of vast areas of forest through the implementation of a number of different project activities,” said VCS CEO David Antonioli in a statement.
The so-called “module” methodology, developed by non-profit group Avoided Deforestation Partners (ADP), is the third blueprint for a project to reduce emissions from deforestation and degradation (Redd) approved for use under the VCS’s carbon offset programme.
The approach streamlines the process for investors and project developers for setting baselines, measuring emissions and monitoring carbon leakage through a standardised methodology.
ADP said the modules, which were first conceived in 2008, prevent “the fragmented, project specific approach to methodology development”.
Approval of the methodology will pave the way for “a whole range of project types to issue verified credits for reducing deforestation”, he added.
Last week, the VCS announced it approved its second Redd methodology, which supports a peatland deforestation project in Cambodia.
The announcements of the approvals of the project blueprints came as negotiators are hashing out a Redd agreement at the conference of parties in Cancun.
While many observers predict an agreement can be reached in Cancun, they have said that the resulting text will provide no specifics on how markets can raise money to finance Redd efforts.
Sources close to the negotiations have said that one issue where there is still disagreement is whether to allow individual activities done at state and provincial levels – rather than on a national level – to earn compensation in a future Redd framework.
Sceptre Group Limited is a specialist investment firm focused in low carbon financial investments such as sustainable biofuel plantations, agricultural farmland and green technologies. For more information on Biofuel Investments, please visit Sceptre Group’s website at www.sceptreinternational.com.