While Article 6 of the Paris Agreement is still under discussion, the past year has demonstrated the need to develop this framework.
2023 was a challenging year for the voluntary carbon market (VCM), but at the same time and in contrast, carbon credits from high quality projects gained interest and better positioned themselves in the market.
As proposed, there are 6 key criteria that determine whether a CDR project is high quality:
- Additionality and baselines
- Carbon accounting and MRV
- Leakage
- Permanence and harms
- Benefits
- Environmental justice.
While Article 6 is still evolving, we can use this time to gain experience and knowledge of high quality CDR projects and feed the Article with all the information gained.
- As CDR project developers, we can focus on these 6 criteria, gain the trust of the market and be transparent with our processes.
- As CDR credit buyers, it is better to look for the high quality projects rather than the cheap ones.
Experts Julio Freedman and Bodie Cabiyo presented this information from Carbon Direct last Thursday, and there was one sentence that stuck with me:
“If you’re going to buy, buy quality.”
That pretty much sums it up, but I’d add that if you’re going to produce, produce with quality.
Sofía Farías. Bachelor’s degree in Earth Sciences with orientation in Environmental Sciences. She has knowledge about Ecological Restoration with a focus on social participation. Among her main interests are the relationship that humans have with the environment and other species and I am enthusiastic about working proactively in search of a balance between all of these. Graduated with a degree in Earth Sciences with orientation in Environmental Sciences. She has knowledge about Ecological Restoration with a focus on social participation and experience in Scientific Dissemination. Among my main interests are the relationship that humans have with the environment and other species and I am enthusiastic about working proactively in search of a balance between all of these.