September 25, 2019 by Lonava Tahreen
(Source: Climate Action Reserve)
Milestone development provides new opportunities to accelerate action on tackling climate change
LOS ANGELES, CA – the Climate Action Reserve approved the first three greenhouse gas (GHG) emission reduction methodologies under its Climate Forward program, an initiative to proactively reduce future emissions from investments and activities like land development projects. The first three rigorous methodologies provide standards for reducing emissions through the use of cookstoves, dairy digesters and solar PV panels while allowing flexibility for companies to implement the projects in areas that are local or meaningful to their missions.
“This flexible approach opens new doors and opportunities for addressing climate change during a time when we need immediate, impactful action,” said Linda Adams, Chair of the Climate Action Reserve Board of Directors. “Climate Forward was designed to accelerate action on climate change. The program provides flexibility, creativity and the options for more tailored approaches to reducing emissions that offsets markets can’t.”
Climate Forward allows companies and other entities to proactively address future emissions that will be generated by activities and projects, such as new land developments, instead of waiting for emissions to be generated and then address them after the fact. Credits, called Forecasted Mitigation Units (FMUs), are issued on an ex-ante basis, meaning they are issued shortly after a mitigation project begins operation.
Climate Forward methodologies provide guidelines for projects that remove GHG emissions or prevent them from being released in the first place. The methodologies allow more flexibility and creativity than offset protocols but maintain the same high standards for rigor and integrity as offset protocols. The first three Climate Forward methodologies approved and available for use are:
The approved methodologies mean that companies can now use them to develop mitigation projects and use the FMUs issued from the projects to mitigate future emissions.
“We need to significantly accelerate action now on climate change—the world is out of time to act. Climate Forward recognizes that mitigation projects need to happen now to address the future stream of emissions from new projects and investments,” said Craig Ebert, President of the Climate Action Reserve. “The Climate Action Reserve has been a pioneer in developing offsets into an impactful tool for addressing climate change, and now we’re very enthused about the new opportunity Climate Forward presents. This is a much-needed tool in the tool box for aggressively tackling climate change.”
The Climate Action Reserve’s Climate ForwardTMprogram accelerates action on climate change by encouraging companies and organizations to proactively invest today in projects that mitigate future greenhouse gas (GHG) emissions generated from economic activity such as housing developments, manufacturing and commercial buildings. The program encourages a wide variety of innovative, creative investments in emission reduction projects. It conservatively provides upfront credits for the GHG reductions anticipated from the implementation of mitigation projects. By crediting expected GHG reductions upfront, with safeguards to minimize the associated risks, companies are able to invest in mitigation activities at the outset, enabling emissions reduction opportunities beyond what is economically viable today and incorporating the price of carbon into their investments. The program builds off the Climate Action Reserve’s globally-recognized reputation for transparency and environmental integrity and is already being used for compliance with the California Environmental Quality Act. For more information, please visit www.climateforward.org.
The Climate Action Reserve is an environmental nonprofit organization that promotes and fosters the reduction of greenhouse gas (GHG) emissions through credible market-based policies and solutions. A pioneer in carbon accounting, the Reserve serves as an approved Offset Project Registry (OPR) for the State of California’s Cap-and-Trade Program and also establishes high quality standards for offset projects in the North American voluntary carbon market and operates a transparent, publicly-accessible registry for carbon credits generated under its standards. Drawing from its experience and expertise in GHG accounting, the Reserve launched the Climate Impact Score program to quantify and assess the climate impact of projects financed by investments and the Climate Forward program to foster proactive investment in future GHG reduction projects as a means to address emissions that are forecasted to occur. Additionally, the Reserve hosts the annual North American Carbon World conference, the premier event for climate and carbon professionals to learn, discuss, and network. The Reserve is a private 501(c)3 nonprofit organization headquartered in Los Angeles, California with satellite offices around the U.S. For more information, please visit www.climateactionreserve.org.
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