Peter BenHur Nyeko’s Post

⭐ Big news for carbon removal! Carbon removal has a new international standard ahead of COP29. The Article 6.4 Supervisory Body, part of the United Nations Framework Convention on Climate Change, finalized requirements for activities involving carbon removal under the Article 6.4 Mechanism. ✒ The carbon removal definition used in the international standard aligns with the UN’s Intergovernmental Panel on Climate Change (IPCC) definition that the Carbon Business Council called for. ✉ The Carbon Business Council organized a letter signed by more than 100 carbon removal leaders from around the world to the Article 6.4 Supervisory Body’s expanding on why carbon removal is an essential component for a just energy transition and to limit warming to 1.5 °C, along with the variety of co-benefits from carbon removal pathways. The letter requested for the Article 6.4 Supervisory Body to adopt the UN’s IPCC definition of carbon removal to create a level playing field for removals and spur innovation. 🔖 The A6.4-SBM014-A06 standard lays the groundwork for tech-neutral policy for carbon removal, and includes removals storage in “geological, terrestrial, or ocean reservoirs, or in products.” The implementation of the standard will be an ongoing process, including what methodologies are eligible. 🌎 Article 6.4 of the Paris Agreement shapes how global carbon markets operate. Resources: 📄Carbon Business Council resources on the new standard: https://lnkd.in/df5k3EBu  📄A6.4-SBM014-A06, Requirements for activities involving removals under the Article 6.4 mechanism (V01.0) , the new international carbon removal standard:  https://lnkd.in/dMWB7pjH  📄Carbon Business Council’s 2023 letter about why carbon removal is such an integral element of Article 6 and the Paris Agreement: https://lnkd.in/efPjiaJt  📄Background About Article 6: https://lnkd.in/exMBHt9v  📄Carbon Business Council’s Issue Brief on Defining Carbon Removal: https://lnkd.in/dgWdFfrQ 📄Carbon Business Council’s Issue Brief on Monitoring, Reporting, and Verification: https://lnkd.in/dW--BDNH

SBTi’s New Findings Challenge Carbon Credit Market SBTi’s mission is to establish science-based target setting as a standard for corporate climate action. It provides guidelines and validation for companies aiming to meet net zero targets, initially requiring 90-95% decarbonization by 2050 and neutralizing remaining emissions. Their latest research suggests carbon credits may not be effective for offsetting value chain emissions. This marks a significant shift from earlier plans, which had proposed a broader role for carbon credits. Ideally, a carbon credit represents a ton of carbon dioxide emissions that have been either removed from or prevented from entering the atmosphere, often through projects like reforestation or renewable energy. It’s also called carbon offsets in voluntary carbon markets. The carbon credit market, estimated by Bloomberg NEF to potentially expand from $2 billion to $1 trillion with right rules, is driven by the recognition that companies will struggle to achieve the required emissions reductions to meet the 1.5°C target set by the Paris Agreement. What will be the way forward for meeting climate change initiatives if we cannot rely on the carbon credit market? #carboncreditmarket #COP25 #Netzero #ESG

This highlights a fundamental flaw in how the press writes about voluntary climate commitments. Many climate/environmental reporters are new to the beat; and they often write several articles a week under intense deadline pressure. They might not realize Company A has already made (and missed) several previous green pledges. They have limited time to delve deeply into that firm's past performance. News orgs should re-think all of this when it comes to writing about voluntary pledges. One simple rule of thumb: Any news org that writes about corporate pledges (and even those that don't) should put a reminder on their calendar to go back and examine what the progress looks like. That is where the most interesting stories are found (good or bad). It's how I learned two years ago that Exxon had quietly abandoned its commitment to develop cleaner fuels from algae (link in the replies). The follow-through is far more interesting than the commitment!

In case you hadn't heard, IETA has released new guidelines that amplify the critical role carbon markets play in tackling climate change. These recommendations are a roadmap for companies looking to achieve ambitious net-zero targets through: ✅ Supporting the Paris Agreement ✅ Quantifying & disclosing all emissions (Scopes 1, 2 & 3) ✅ Setting clear decarbonization pathways with short-term targets ✅ Prioritizing emissions reduction & using carbon credits strategically ✅ Ensuring high-quality carbon credit usage ✅ Transparent reporting on carbon credits This alignment with Science Based Targets initiative focus on high-quality carbon credits further strengthens the message: responsible carbon credit usage is crucial for achieving true net-zero goals. Read more: https://lnkd.in/dGKhZQ5R #CarbonCredits #NetZero #Decarbonization #VCM #Emissions

Gaia Climate Market Alert: COP29 Advances Carbon Markets with Article 6.4 🌍 The adoption of Article 6.4 at COP29 marks a transformative step for global carbon markets, driving a convergence between compliance and voluntary markets. This development establishes a unified framework, enhancing the credibility and comparability of carbon credits, which is expected to attract broader investment and participation. Key Implications: 1. Market Integrity & Standardization:   🔍 Article 6.4 will improve the quality and consistency of carbon credits across markets, increasing transparency and building investor confidence. This standardization is crucial for ensuring that all carbon credits meet rigorous environmental and social criteria. 2. Opportunities for Nature-Based Solutions & Renewables:   🌳 This unified framework creates significant investment potential for nature-based solutions and renewable energy projects. Particularly in Africa and underdeveloped regions, sustainable projects can provide both climate impact and socioeconomic benefits, fostering local development and resilience. 3. Increased Investment & Innovation:   💡 A stronger, unified carbon market incentivizes climate financing, paving the way for new financial products and greater corporate and national climate commitments. This will spur innovation in climate solutions, driving progress towards global climate goals. Market Outlook: 🔄 Stakeholders should anticipate expanded participation, innovation in climate finance, and accelerated investment in impactful, sustainable projects globally. The integration of Article 6.4 into the global carbon market framework is expected to attract a diverse array of investors and project developers, enhancing the overall effectiveness and reach of climate action initiatives. We look forward to mobilizing more finance to our project portfolio and contributing to a more sustainable future. --- 🌟 Join us in celebrating this milestone for the carbon markets and stay tuned for more updates on our projects and initiatives. #GaiaClimate #COP29 #CarbonMarkets #Article6.4 #Sustainability #ClimateAction #RenewableEnergy #NatureBasedSolutions #Investment #Innovation #GlobalImpact #ClimateFinance

"Carbon removal is the ‘net’ in ‘net zero’ and it is mission critical for tackling climate change. However, carbon removal is not in infinite supply and is certainly not free to produce." - Ben Caldecott, Associate Professor at the University of Oxford. I recently read this quote as part of new research from the University of Oxford (https://lnkd.in/ej5FckS5), making the case for valuing the finite capacity of the world to durably remove carbon. What this means, relatively layman's terms, is that every company looking to set and deliver against a "Net Zero" target should be investing in carbon removals. This investment could take the form of upskilling and educating staff, the executive, or the board, or investing in external projects that will deliver carbon removal capabilities in the future, but critically, investment is needed now to provide the infrastructure required to deliver against these targets. This is why projects such as the new partnership between Standard Chartered, UNDO, British Airways, created by CUR8 are so important. The project (https://lnkd.in/ewW7SV47) allows buyers to access high quality future credits without the need to pay upfront, whereas the seller receives the investment needed to carry out the much needed project work. These market/financing innovations are just as important as the technology that delivers the carbon benefit, given the scale required over the coming years. I expect, with Science Based Targets initiative standards coming for the Oil and Gas sector (a project that Guidehouse is supporting on - https://lnkd.in/e6GgU6zf) and net zero glide paths looking increasingly challenging as we approach 2025, the energy industry will need to start moving quickly in this area. Identifying supportive financial models for the industry's needs will be crucial, so innovation in this space should be a focus. #netzero #energy #carbon #removals #financing

Welcome to the official LinkedIn page for the Taskforce on Net Zero Policy.   The Taskforce was set up to further the recommendations of the UN Secretary General´s High Level Expert Group (HLEG) on Net-Zero Emissions Commitments of Non-State Entities – specifically, to help facilitate policy action on net zero.   The climate crisis presents a real and growing to businesses, investors, economies and societies the world over. The need for effective policy action on this issue has never been greater – and it’s this action that the Taskforce seeks to further. We’ll do this by facilitating collaboration, providing research and technical support, and identifying opportunities within policy and regulatory frameworks which support the HLEG recommendations.   Today, we’re thrilled to announce the constituents of our Board of Trustees and Expert Group, with the Taskforce being co-Chaired by Helena Viñes Fiestas and Andrea Meza. Both the Board and Expert Group are staffed by leading international names with expertise at the confluence of climate and policy issues.   Please follow this page for further updates, and see our website for additional information, including a press release on today’s announcement: https://lnkd.in/e3anpyfY

Policy matters. We’re not yet aligned with a net zero future, and it's never been more imperative that policymakers and regulators lead the way in charting a clear course to get us there. At the Principles for Responsible Investment, our signatories understand the importance of this work, which is why we’re pleased to be supporting the Taskforce on Net Zero Policy as its Secretariat. #sustainablefinance #unpri #greendeal #climatefinance #climateaction #netzero

Big news from SBTi: When properly supported by policies, standards, and procedures, environmental attribute certificates, including the voluntary carbon market, can be a tool for abating scope 3 emissions and tackling climate change. Neutral supports the development of high-quality, verified credits from the Climate Action Reserve. This has enabled us to bring a climate-positive product to consumers, invest directly in on-farm projects in our supply chain, and demonstrate absolute emissions reductions.    Companies purchasing credits are more likely to take bold action to reduce their emissions. We hope this move will serve as a catalyst to help unlock a pathway to meeting near-term climate targets and enable greater investment in climate action. https://lnkd.in/gG5SRKj6