Additionality
Quality First Approach
to Carbon Makets
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Additionality means that a project’s carbon reductions would not have occurred without the revenue from carbon credits. It ensures that emissions reductions are beyond business-as-usual activities. Only projects that are proven to be extra and beneficial, thanks to carbon finance, are eligible for credit generation.
Permanence refers to the long-term storage of carbon captured through projects like reforestation. It ensures that carbon stays stored and is not released back into the atmosphere. Effective management practices and financial safeguards are essential to maintain this permanence and secure the climate benefits.
Leakage occurs when efforts to reduce emissions in one area cause an increase in another. For example, protecting a forest might push deforestation elsewhere. Effective carbon projects must account for and reduce leakage, ensuring the overall net benefit in reducing global emissions is not compromised.
The time value of carbon acknowledges that reductions have different impacts over time. Carbon captured today is more valuable because immediate reductions help slow climate change faster. Thus, a ton of CO2 removed now can have a larger, more immediate effect than one sequestered later, making timing a key factor.
Social benefits refer to the positive impacts carbon credit projects can have on local communities. These include job creation, improved air quality, enhanced biodiversity, and socio-economic development. Projects that bring social benefits, along with carbon reductions, are more sustainable and impactful long-term.
Double counting occurs when a single emissions reduction is claimed by more than one entity, reducing the credibility of the credit. To avoid this, proper accounting systems and frameworks are needed to ensure that each ton of carbon reduction is only counted once, maintaining the integrity of carbon markets.