Oxford Principles for Net Zero Carbon Offsetting
Principle 1: Minimize Emissions, Utilize Certified Offsets, and Implement Optimal Offset Strategies
The foremost priority for both individuals and organizations should be the reduction of emissions, as this action effectively diminishes the overall volume of emissions requiring offsetting and proves most advantageous for the environment and climate action. Following successful emission reduction efforts, any residual emissions that cannot be further reduced should be offset.
The principles outlined in Oxford align with the values found in TSVCM and UKGBC publications on voluntary carbon markets and offsets. All these strategies underscore the significance of ensuring that offsets are additional, transparent, and verified.
Establishing the ability to measure, trace, and validate carbon offsets, while ensuring they genuinely contribute to carbon reduction, enhances the credibility of the credits. This not only enables organizations to make carbon neutrality or net-zero claims but also guarantees that the associated carbon savings are authentic and verifiable.
Principle 2: Exceed Current Emission Removals by Actively Extracting More Carbon from the Atmosphere
The emphasis should transition from offsetting emissions that are challenging to reduce within an organization to actively investing in projects that directly extract CO2 from the atmosphere. This approach aims to eliminate both present and past emissions, thereby decreasing the atmospheric concentration of CO2 from its current levels (approximately 412ppm) to a range conducive to fostering a more sustainable society.
By adopting this strategy, a more substantial contribution can be made toward carbon negativity or climate positivity, surpassing the achievement of merely attaining net-zero atmospheric carbon. Consequently, this approach enhances efforts to align more effectively with climate temperature goals.
Principle 3: Secure and Enduring Carbon Storage
The future trajectory of carbon offsetting should pivot towards secure, long-term storage solutions, exemplified by geological aquifers. These reservoirs ensure that extracted carbon is securely confined for millennia, minimizing the risk of unintended leakage. Adhering to such specifications provides confidence that any carbon removed from the atmosphere remains permanently sequestered, preserving the positive effects of carbon removal.
The permanence of carbon dioxide storage, coupled with the societal shift towards a decarbonized, low-carbon economy, ensures that atmospheric carbon concentrations are maintained at safe levels. This, in turn, acts as a safeguard against the ascent of atmospheric CO2 to levels associated with adverse impacts from climate change.
Principle 4: Establishing Industry Standards for Net-Zero Aligned Carbon Offsetting
Future carbon markets should embrace science-based principles to formulate industry standards governing carbon credit and offsetting procedures.
These standards ought to be designed to elevate and sustain the credibility of offsets and carbon storage, integrating the principles outlined in Oxford. Regulatory oversight of carbon markets is imperative, and sectors should collaborate to ensure adherence to evolving agreements in line with best practices.
Enhancing market signaling will foster a clearer comprehension of carbon offset supply and demand dynamics, consequently promoting increased investments in long-term carbon storage within the market.
Paris Agreement
The primary objective of the Paris Agreement is to fortify the global response to the impending threat of climate change. This involves maintaining a global temperature increase within this century well below 2 degrees Celsius above pre-industrial levels, with a further endeavor to restrict the rise to 1.5 degrees Celsius. Additionally, the agreement strives to bolster countries' capacities to cope with the impacts of climate change and align financial flows with a trajectory characterized by low greenhouse gas emissions and climate resilience.
To achieve these ambitious goals, it necessitates the mobilization and provision of appropriate financial resources, the establishment of a new technology framework, and the enhancement of capacity-building. These efforts are aimed at supporting actions undertaken by developing countries and the most vulnerable nations in accordance with their national objectives. The Agreement also incorporates an upgraded transparency framework for both action and support.
Kyoto Protocol
The Kyoto Protocol categorized nations into industrialized and developing economies. Industrialized countries, collectively referred to as Annex 1, participated in their emissions trading market. If a country emitted fewer hydrocarbons than its target, it had the option to sell surplus credits to nations that fell short of their Kyoto level objectives through an Emissions Reduction Purchase Agreement (ERPA).